MP Materials (MP) Said To Be On Track To Produce Ten Times More Magnets By 2028

MP Materials Corp. (NYSE:MP) is one of the 14 Stocks That Will Skyrocket.

According to Abeyta, this firm “is one of the only large-scale producers of rare-earth permanent magnets in the United States.” Rare earth metals created quite a bit of hype last year after trade tensions between the US and China heated up. The Chinese threatened America’s rare earth metal supply, and the US government responded by providing favorable incentives for American rare earth firms. Abeyta adds that the firm “on track to produce ten times more U.S.-made magnets than today” by 2028.

Pixabay/Public Domain

These teasers lead Gumshoe to speculate that the stock being talked about is MP Materials Corp. (NYSE:MP). The firm is a Nevada-based company that makes magnets, magnetic precursors, and operates mines. Its shares are up by a whopping 207% over the past year and by 22.7% year-to-date. Wedbush discussed MP Materials Corp. (NYSE:MP)’s stock on April 20th as it set an Outperform rating and a $90 share price target. The firm’s long-term prospects and its role as the only rare earth concentrate producer outside China were among the factors that Wedbush discussed.

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