MP Materials (NYSE:MP) Downgraded by JPMorgan Chase & Co. to Neutral

JPMorgan Chase & Co. lowered shares of MP Materials (NYSE:MP) from an overweight rating to a neutral rating in a research report report published on Tuesday, MarketBeat Ratings reports. The brokerage currently has $16.00 target price on the stock, down from their prior target price of $20.00.

Several other brokerages have also commented on MP. Jefferies Financial Group dropped their price target on shares of MP Materials from $36.00 to $28.00 and set a buy rating on the stock in a research note on Tuesday, March 19th. Morgan Stanley lowered MP Materials from an overweight rating to an equal weight rating and dropped their price objective for the stock from $26.00 to $15.50 in a report on Wednesday, March 13th. Canaccord Genuity Group reduced their target price on MP Materials from $23.00 to $22.00 and set a buy rating for the company in a report on Wednesday, March 13th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on MP Materials from $17.00 to $15.00 and set a hold rating for the company in a research report on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $23.64.

MP Materials Price Performance

MP stock opened at $15.86 on Tuesday. MP Materials has a 1 year low of $12.68 and a 1 year high of $26.53. The business’s 50-day moving average is $15.27 and its two-hundred day moving average is $16.41. The company has a debt-to-equity ratio of 0.50, a current ratio of 10.42 and a quick ratio of 9.54. The firm has a market capitalization of $2.82 billion, a P/E ratio of 122.01 and a beta of 2.42.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.05) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.05). The business had revenue of $41.21 million for the quarter, compared to analyst estimates of $47.40 million. MP Materials had a net margin of 9.59% and a return on equity of 3.86%. Analysts anticipate that MP Materials will post -0.13 earnings per share for the current fiscal year.

Institutional Trading of MP Materials

A number of hedge funds have recently added to or reduced their stakes in MP. Vanguard Group Inc. increased its holdings in shares of MP Materials by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 13,635,712 shares of the company’s stock valued at $270,669,000 after purchasing an additional 254,881 shares during the period. Van ECK Associates Corp raised its position in MP Materials by 15.2% during the 4th quarter. Van ECK Associates Corp now owns 3,122,224 shares of the company’s stock worth $61,976,000 after buying an additional 411,771 shares during the last quarter. Baillie Gifford & Co. lifted its stake in shares of MP Materials by 26.2% in the 4th quarter. Baillie Gifford & Co. now owns 2,960,001 shares of the company’s stock worth $58,756,000 after acquiring an additional 614,088 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of MP Materials by 59.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,314,985 shares of the company’s stock worth $45,956,000 after acquiring an additional 860,960 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of MP Materials by 12.0% in the third quarter. Bank of New York Mellon Corp now owns 2,293,334 shares of the company’s stock valued at $43,803,000 after acquiring an additional 246,534 shares in the last quarter. 52.55% of the stock is 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.