MP Materials (NYSE:MP) Trading 5.3% Higher – Here’s What Happened

by · The Cerbat Gem

MP Materials Corp. (NYSE:MP – Get Free Report) shares traded up 5.3% during trading on Thursday . The stock traded as high as $62.25 and last traded at $61.85. 7,852,067 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 10,776,752 shares. The stock had previously closed at $58.71.

Analyst Ratings Changes

A number of brokerages recently weighed in on MP. Morgan Stanley raised MP Materials from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $68.50 to $71.00 in a research report on Friday. Cowen reissued a “buy” rating on shares of MP Materials in a research report on Friday, August 8th. Canaccord Genuity Group lifted their price objective on shares of MP Materials from $64.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. Cfra Research upgraded shares of MP Materials to a “moderate buy” rating in a research note on Monday, August 11th. Finally, Daiwa America upgraded shares of MP Materials to a “strong-buy” rating in a research note on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $78.91.

Read Our Latest Analysis on MP Materials

MP Materials Price Performance

The stock’s 50 day simple moving average is $66.48 and its 200-day simple moving average is $56.58. The firm has a market cap of $11.02 billion, a price-to-earnings ratio of -87.56 and a beta of 1.69. The company has a debt-to-equity ratio of 0.47, a quick ratio of 7.51 and a current ratio of 8.05.

MP Materials (NYSE:MP – Get Free Report) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.05. MP Materials had a negative net margin of 50.55% and a negative return on equity of 7.69%. The business had revenue of $53.55 million during the quarter, compared to the consensus estimate of $49.72 million. During the same period in the previous year, the firm posted ($0.12) earnings per share. The business’s revenue for the quarter was down 14.9% compared to the same quarter last year. Equities research analysts anticipate that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

Insider Activity

In other news, CFO Ryan Corbett sold 20,000 shares of the stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $57.72, for a total value of $1,154,400.00. Following the transaction, the chief financial officer directly owned 194,812 shares of the company’s stock, valued at approximately $11,244,548.64. This represents a 9.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James H. Litinsky sold 385,000 shares of MP Materials stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $62.94, for a total value of $24,231,900.00. Following the sale, the chief executive officer directly owned 13,105,965 shares of the company’s stock, valued at $824,889,437.10. This trade represents a 2.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 653,411 shares of company stock worth $41,249,826. Company insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On MP Materials

Large investors have recently bought and sold shares of the business. Moneda S.A. Administradora General de Fondos acquired a new stake in MP Materials in the third quarter valued at approximately $422,000. Allworth Financial LP raised its stake in shares of MP Materials by 34.6% during the 3rd quarter. Allworth Financial LP now owns 2,737 shares of the company’s stock worth $184,000 after buying an additional 703 shares during the period. IFP Advisors Inc lifted its position in shares of MP Materials by 62.9% during the 3rd quarter. IFP Advisors Inc now owns 47,913 shares of the company’s stock valued at $3,219,000 after buying an additional 18,496 shares in the last quarter. Swiss Life Asset Management Ltd acquired a new stake in MP Materials in the 3rd quarter valued at $404,000. Finally, Innova Wealth Partners purchased a new stake in MP Materials in the 3rd quarter worth $220,000. Institutional investors and hedge funds own 52.55% of the company’s stock.

MP Materials Company Profile

(Get Free Report)

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.

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