The Mineral Resources Ltd (ASX: MIN) share price has fallen more than 28% in the past month. The bulk of these losses came when the company reported its first-half results for the 2022 financial year.
At the time of writing, Mineral Resources shares are down 3.84% to $45.54 apiece. In comparison, the S&P/ASX 200 Index (ASX: XJO) is down 1.24% to 7,144.2 points.
Let's take a closer look and see what's been dragging on Minerals Resources shares lately.
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What's been impacting Mineral Resources shares?
Investors are selling off Mineral Resources shares as weak sentiment hits the mining services company.
This is in sharp contrast to when its shares were trading at a 52-week high of $66.88 in late January.
With the company delivering a disappointing performance for the six months ending 31 December, investors were unimpressed.
Revenue fell 12% on the previous year to $1.4 billion. This was caused by a significant reduction in iron ore revenue due to weakening Platts and wider discounts.
In addition, costs increased for haulage by $54 million and shipping by $151 million over the prior corresponding period.
Overall, the underlying net loss after tax stood at $36 million, down 108% year on year.
On the day of the release on 9 February, the Mineral Resources share price fell 8.91% reflecting missed expectations.
However, the bloodbath didn't stop there with the company's shares falling a further 8.16% over the next four trading days.
But, regardless of the weakened results, analysts at Bell Potter raised their 12-month price target by 22% to $61.35 per share.
However, the teams at Goldman Sachs and Macquarie both cut their ratings by 7% to $50.00, and 6.7% to $70.00, respectively. Based on the latter, this represents a potential upside of 53% from where Mineral Resources trades today.
Mineral Resources share price snapshot
Despite the heavy losses for the month, Mineral Resources shares are still up 15.4% since this time last year.
On valuation grounds, Mineral Resources presides a market capitalisation of roughly $8.66 billion, with approximately 188.85 million shares outstanding.
