Zacks Investment Research upgraded shares of MP Materials (NYSE:MP) from a hold rating to a buy rating in a report published on Tuesday morning, Zacks.com reports. They currently have $34.00 target price on the stock.
According to Zacks, “MP Materials Corporation is the producer of rare earth materials principally in the Western Hemisphere. The company owns and operates primarily Mountain Pass. MP Materials Corporation, formerly known as Fortress Value Acquisition Corp., is based in Las Vegas, Nevada. “
MP has been the subject of a number of other research reports. Morgan Stanley dropped their price target on MP Materials from $57.00 to $41.00 and set an overweight rating for the company in a research report on Monday. Deutsche Bank Aktiengesellschaft reissued a hold rating and issued a $37.00 target price on shares of MP Materials in a research note on Monday, March 15th. Cowen initiated coverage on shares of MP Materials in a research note on Tuesday, March 16th. They set an outperform rating and a $50.00 price target on the stock. Finally, Bank of America assumed coverage on shares of MP Materials in a report on Thursday, April 1st. They set a neutral rating and a $38.00 price target for the company. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $37.50.
MP Materials (NYSE:MP) last announced its quarterly earnings data on Wednesday, March 17th. The company reported $0.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.15. Equities research analysts expect that MP Materials will post -0.34 EPS for the current year.
In related news, CEO James H. Litinsky sold 4,603,123 shares of MP Materials stock in a transaction on Friday, March 26th. The shares were sold at an average price of $33.78, for a total transaction of $155,493,494.94. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Financial Lp Qvt sold 1,598,801 shares of the company’s stock in a transaction on Friday, March 26th. The stock was sold at an average price of $33.77, for a total transaction of $53,991,509.77. The disclosure for this sale can be found here. Insiders sold 6,202,100 shares of company stock worth $209,490,948 in the last quarter.
Several hedge funds have recently bought and sold shares of the company. Verde Servicos Internacionais S.A. acquired a new stake in MP Materials during the 1st quarter valued at $381,000. Investors Financial Group LLC bought a new position in MP Materials during the first quarter worth $1,844,000. Secure Asset Management LLC bought a new stake in MP Materials during the first quarter valued at $347,000. American National Bank acquired a new stake in shares of MP Materials during the first quarter worth $36,000. Finally, Koshinski Asset Management Inc. bought a new position in shares of MP Materials in the 4th quarter worth about $324,000. Institutional investors and hedge funds own 45.32% of the company’s stock.
About MP Materials
MP Materials Corp. engages in the ownership and operation of integrated rare earth mining and processing facilities. It owns and operates the Mountain Pass facility located in the Western Hemisphere. The company 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.
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