Fintel reports that on September 6, 2023, Northland Capital Markets upgraded their outlook for MP Materials (NYSE:MP) from Market Perform to Outperform.

Analyst Price Forecast Suggests 63.23% Upside

As of August 31, 2023, the average one-year price target for MP Materials is 35.14. The forecasts range from a low of 24.24 to a high of $58.80. The average price target represents an increase of 63.23% from its latest reported closing price of 21.53.

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The projected annual revenue for MP Materials is 526MM, an increase of 39.29%. The projected annual non-GAAP EPS is 1.32.

What is the Fund Sentiment?

There are 689 funds or institutions reporting positions in MP Materials. This is a decrease of 78 owner(s) or 10.17% in the last quarter. Average portfolio weight of all funds dedicated to MP is 0.18%, a decrease of 18.41%. Total shares owned by institutions decreased in the last three months by 23.48% to 95,345K shares. The put/call ratio of MP is 0.61, indicating a bullish outlook.

What are Other Shareholders Doing?

QVT Financial holds 8,091K shares representing 4.55% ownership of the company. In it’s prior filing, the firm reported owning 13,502K shares, representing a decrease of 66.87%. The firm decreased its portfolio allocation in MP by 45.83% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 3,685K shares representing 2.07% ownership of the company. In it’s prior filing, the firm reported owning 3,306K shares, representing an increase of 10.29%. The firm decreased its portfolio allocation in MP by 16.53% over the last quarter.

XME – SPDR(R) S&P(R) Metals & Mining ETF holds 3,391K shares representing 1.91% ownership of the company. In it’s prior filing, the firm reported owning 3,272K shares, representing an increase of 3.52%. The firm increased its portfolio allocation in MP by 4.72% over the last quarter.

American International Group holds 3,092K shares representing 1.74% ownership of the company. In it’s prior filing, the firm reported owning 143K shares, representing an increase of 95.38%. The firm increased its portfolio allocation in MP by 1,533.17% over the last quarter.

NAESX – Vanguard Small-Cap Index Fund Investor Shares holds 2,981K shares representing 1.68% ownership of the company. In it’s prior filing, the firm reported owning 2,788K shares, representing an increase of 6.45%. The firm decreased its portfolio allocation in MP by 17.46% over the last quarter.

MP Materials Background Information
(This description is provided by the company.)

MP Materials Corp. is the largest producer of rare earth materials in the Western Hemisphere. With over 270 employees, the Company owns and operates Mountain Pass, an iconic American industrial asset, which is the only rare earth mining and processing site of scale in the Western Hemisphere and currently produces approximately 15% of global rare earth content. Separated rare earth elements are critical inputs for the magnets that enable the mobility of electric vehicles, drones, defense systems, wind turbines, robotics and many other high-growth, advanced technologies. MP Materials’ integrated operations at Mountain Pass uniquely combine low production costs with best-in-class environmental standards, thereby restoring American leadership to a critical industry with a strong commitment to sustainability.

This article originally appeared on Fintel

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