MP Materials Corp. (NYSE:MP) Receives Average “Buy” Rating from Brokerages
MP Materials Corp. (NYSE: PM – Get a rating) received a consensus “Buy” recommendation from the eleven brokerages that currently cover the company, Marketbeat.com reports. Seven investment analysts rated the stock with a Buy recommendation. The 1-year average price target among analysts who updated their coverage of the stock in the last year is $48.15.
Several analysts have recently weighed in on the stock. Canaccord Genuity Group cut its price target on MP Materials shares from $47.00 to $40.00 in a Wednesday, September 28 report. Morgan Stanley lowered its price target on shares of MP Materials from $46.00 to $45.50 and set an “overweight” rating on the stock in a Friday, September 16 report. Canaccord Genuity Group began covering MP Materials shares in a report on Wednesday, July 13. They set a “buy” rating and a target price of $44.00 on the stock. Cowen lowered his target price on MP Materials shares to $40.00 in a report on Thursday. Finally, Robert W. Baird raised his price target on MP Materials shares from $45.00 to $55.00 in a Friday, August 5 report.
PM materials are trading up 8.3%
PM action opened at $30.37 on Friday. The company has a debt ratio of 0.58, a quick ratio of 19.75 and a current ratio of 20.39. MP Materials has a one-year low of $26.19 and a one-year high of $60.19. The company’s 50-day moving average price is $31.78 and its two-hundred-day moving average price is $35.45. The company has a market capitalization of $5.39 billion, a PE ratio of 23.01, a growth price-earnings ratio of 1.39 and a beta of 2.83.
PM materials (NYSE: MP – Get a rating) last reported results on Thursday, August 4. The company reported EPS of $0.40 for the quarter, beating the consensus estimate of $0.33 by $0.07. MP Materials had a net margin of 49.26% and a return on equity of 25.19%. The company posted revenue of $143.50 million for the quarter, versus a consensus estimate of $128.75 million. During the same period of the previous year, the company made earnings per share of $0.15. The company’s revenue for the quarter increased 96.3% year over year. As a group, analysts expect MP Materials to post 1.32 earnings per share for the current fiscal year.
In other news, CEO James H. Litinsky sold 4,000,000 shares of the company in a transaction dated Monday, August 8. The shares were sold at an average price of $37.75, for a total transaction of $151,000,000.00. Following the completion of the sale, the CEO now owns 8,603,411 shares of the company, valued at approximately $324,778,765.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via the SEC website. In related news, the director Daniel Allen Gold sold 250,000 shares of the company in a transaction that took place on Monday, August 8. The stock was sold at an average price of $39.49, for a total transaction of $9,872,500.00. Following completion of the transaction, the administrator now directly owns 1,302,031 shares of the company, valued at approximately $51,417,204.19. The sale was disclosed in an SEC filing, available at this hyperlink. Additionally, CEO James H. Litinsky sold 4,000,000 shares of the company in a transaction that took place on Monday, August 8. The shares were sold at an average price of $37.75, for a total value of $151,000,000.00. As a result of the transaction, the CEO now owns 8,603,411 shares of the company, valued at $324,778,765.25. Disclosure of this sale can be found here. Insiders sold 5,084,016 shares of the company valued at $190,276,278 during the last quarter. 41.30% of the shares are currently held by insiders.
Institutional entries and exits
Hedge funds and other institutional investors have recently increased or reduced their stakes in the company. Private Capital Group LLC bought a new position in MP Materials in Q1 worth around $27,000. Byrne Asset Management LLC increased its position in MP Materials shares by 60.5% during the third quarter. Byrne Asset Management LLC now owns 1,059 shares of the company valued at $29,000 after acquiring 399 additional shares in the last quarter. ACG Wealth bought a new position in shares of MP Materials during Q2 worth approximately $38,000. FNY Investment Advisers LLC increased its position in MP Materials shares by 215.0% during the third quarter. FNY Investment Advisers LLC now owns 1,408 shares of the company valued at $38,000 after acquiring 961 additional shares in the last quarter. Finally, Elequin Capital LP bought a new position in shares of MP Materials during Q1 worth approximately $45,000. 71.49% of the shares are currently held by institutional investors.
About MP Materials
MP Materials Corp. owns and operates rare earth mining and processing facilities. It owns and operates the Mountain Pass Rare Earth Mine located in the Western Hemisphere. The Company owns the mining rights to the Mountain Pass mine and surrounding area, as well as the intellectual property rights related to the processing and development of rare earth minerals.
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