MP Materials (NYSE:MP) Given New $26.00 Price Target at Canaccord Genuity Group

MP Materials (NYSE:MP) had its target price boosted by equities researchers at Canaccord Genuity Group from $23.00 to $26.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 28.40% from the company’s previous close.

Several other brokerages have also commented on MP. Robert W. Baird increased their price objective on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Deutsche Bank Aktiengesellschaft dropped their price target on MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Morgan Stanley lifted their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. BMO Capital Markets lifted their price objective on shares of MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research note on Friday, October 25th. Finally, DA Davidson upped their target price on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, MP Materials has a consensus rating of “Moderate Buy” and an average price target of $22.10.

MP Materials Price Performance

MP opened at $20.25 on Wednesday. The firm has a market capitalization of $3.31 billion, a PE ratio of -37.50 and a beta of 2.23. The business’s 50-day moving average is $17.99 and its two-hundred day moving average is $15.44. MP Materials has a 1 year low of $10.02 and a 1 year high of $21.04. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13.

MP Materials declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to purchase up to 13.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at MP Materials

In other MP Materials news, CFO Ryan Corbett sold 15,195 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $18.30, for a total value of $278,068.50. Following the completion of the transaction, the chief financial officer now owns 295,021 shares in the company, valued at approximately $5,398,884.30. This represents a 4.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO James H. Litinsky sold 300,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $18.45, for a total value of $5,535,000.00. Following the sale, the chief executive officer now owns 18,221,776 shares in the company, valued at $336,191,767.20. This trade represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MP Materials

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of MP Materials by 1.7% in the first quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company’s stock worth $198,216,000 after buying an additional 225,554 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of MP Materials by 2,536.8% in the 1st 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 last quarter. Comerica Bank increased its position in shares of MP Materials by 16.7% during the 1st quarter. Comerica Bank now owns 71,564 shares of the company’s stock worth $1,023,000 after purchasing an additional 10,264 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of MP Materials during the 1st quarter worth about $356,000. Finally, Teachers Retirement System of The State of Kentucky lifted its position in MP Materials by 12.4% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 47,179 shares of the company’s stock valued at $675,000 after buying an additional 5,200 shares during the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

About MP Materials

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.