MP Materials Corp. (NYSE:MP) Given Average Rating of “Moderate Buy” by Brokerages

Shares of MP Materials Corp. (NYSE:MP) have earned an average rating of “Moderate Buy” from the ten ratings firms that are presently covering the firm, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $21.40.

MP has been the subject of a number of analyst reports. Canaccord Genuity Group lowered their price objective on MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a report on Tuesday, August 6th. Robert W. Baird raised their price objective on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 27th. JPMorgan Chase & Co. boosted their target price on shares of MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Finally, Benchmark restated a “buy” rating and issued a $30.00 price target on shares of MP Materials in a research note on Friday, August 2nd.

MP Materials Price Performance

Shares of NYSE MP opened at $18.25 on Tuesday. The business’s fifty day simple moving average is $16.14 and its 200-day simple moving average is $15.08. MP Materials has a 12-month low of $10.02 and a 12-month high of $20.85. The company has a current ratio of 6.90, a quick ratio of 6.17 and a debt-to-equity ratio of 0.84.

MP Materials announced that its board has authorized a stock buyback plan on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to repurchase up to 13.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Institutional Trading of MP Materials

A number of large investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its holdings in shares of MP Materials by 2,536.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock valued at $23,767,000 after purchasing an additional 1,598,861 shares during the period. Millennium Management LLC raised its position in MP Materials by 425.5% during the 2nd quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock worth $10,201,000 after buying an additional 648,838 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of MP Materials by 188.1% in the 2nd quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock worth $11,462,000 after acquiring an additional 586,906 shares during the period. Pinnacle Associates Ltd. boosted its holdings in shares of MP Materials by 151.1% in the second quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock valued at $10,382,000 after acquiring an additional 490,767 shares in the last quarter. Finally, Regal Partners Ltd increased its stake in shares of MP Materials by 275.4% during the second quarter. Regal Partners Ltd now owns 464,016 shares of the company’s stock worth $5,907,000 after acquiring an additional 340,426 shares during the period. Institutional investors and hedge funds own 52.55% of the company’s stock.

MP Materials Company Profile

MP Materials Corp., together with its subsidiaries, produces rare earth materials. The company owns and operates the Mountain Pass Rare Earth mine and processing facility in North America. It holds the mineral rights to the Mountain Pass mine and surrounding areas, as well as intellectual property rights related to the processing and development of rare earth minerals.