MP - Why Shares of MP Materials Rose 14% in February
Tumbling 12% lower in January, shares of MP Materials (NYSE: MP) were hardly off to a good start in the new year. And because of a critical short-seller report coming out early in February, it seemed that the inauspicious start to 2022 showed little indication of reversing course. But that's exactly what the rare-earth metals stock did as it climbed 14.2% in February, according to data from S&P Global Market Intelligence .
Besides positive attention from Wall Street, investors decided to load up on this mining stock after its fourth-quarter earnings report and learning of an award that the company received from the Department of Defense.
The first sign that thing were turning around for MP Materials last month came on Feb. 9 when Subash Chandra, an analyst at Benchmark, upgraded the stock to buy from hold and gave it a price target of $47, which represented upside of about 23% from where the stock was trading at the time. Chandra had initiated coverage on the stock in November with a hold rating and no price target.
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Why Shares of MP Materials Rose 14% in February