MP Materials (NYSE:MP) CFO Acquires 5,476 Shares of Stock

Key Points

• CFO Ryan Corbett bought 5,476 MP Materials shares at an average price of $36.25, investing about $198,505. The purchase increased his holdings by 5.02% to 114,493 shares.
• MP Materials beat third-quarter expectations, reporting EPS of $0.04 versus forecasts for a $0.02 loss and revenue of $147.66 million versus $117.37 million expected; revenue rose 175.7% year over year.
• Analyst sentiment is mixed but averages to a “Moderate Buy” rating, with a MarketBeat average price target of $69.50. Shares opened at $36.81, well below their 52-week high of $76.80.

MP Materials Corp. (NYSE:MP - Get Free Report) CFO Ryan Corbett bought 5,476 shares of the company's stock in a transaction dated Tuesday, November 10th. The stock was bought at an average cost of $36.25 per share, with a total value of $198,505.00. Following the completion of the acquisition, the chief financial officer owned 114,493 shares in the company, valued at $4,150,371.25. This represents a 5.02% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

MP Materials Stock Performance

Shares of NYSE:MP opened at $36.81 on Thursday. MP Materials Corp. has a fifty-two week low of $31.90 and a fifty-two week high of $76.80. The company has a debt-to-equity ratio of 0.48, a current ratio of 6.75 and a quick ratio of 6.04. The business's fifty day moving average price is $44.57 and its two-hundred day moving average price is $53.98. The stock has a market capitalization of $6.56 billion, a price-to-earnings ratio of -167.32 and a beta of 2.05.

MP Materials (NYSE:MP - Get Free Report) last released its quarterly earnings results on Thursday, November 5th. The company reported $0.04 earnings per share for the quarter, beating analysts' consensus estimates of ($0.02) by $0.06. The firm had revenue of $147.66 million during the quarter, compared to analysts' expectations of $117.37 million. MP Materials had a negative return on equity of 0.05% and a negative net margin of 9.90%. The business's revenue was up 175.7% on a year-over-year basis. During the same period last year, the firm posted ($0.10) EPS. As a group, analysts predict that MP Materials Corp. will post -0.21 EPS for the current fiscal year.

MP Materials News Summary

Here's some of the latest news about MP:

• Positive Sentiment: MP reported a third-quarter earnings and revenue beat: EPS was $0.04 versus consensus of a $0.02 loss, and revenue of $147.66 million exceeded the $117.37 million estimate. Higher NdPr sales and pricing contributed to the results. Zacks earnings analysis
• Positive Sentiment: Freedom Broker upgraded MP from “hold” to “buy” and set a $51 price target, citing valuation and anticipated manufacturing cost savings. Freedom Broker upgrade
• Negative Sentiment: Analyst views remain divided: a report cited a downgrade, and Deutsche Bank cut its price target to $40 from $53 while keeping a Buy rating. Analyst downgrade report Deutsche Bank price target

Hedge Funds Weigh In On MP Materials

Hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp raised its position in shares of MP Materials by 5.1% during the 2nd quarter. State Street Corp now owns 7,773,746 shares of the company's stock valued at $435,408,000 after acquiring an additional 376,519 shares during the last quarter. Voya Investment Management LLC lifted its stake in shares of MP Materials by 72.4% in the 3rd quarter. Voya Investment Management LLC now owns 1,482,169 shares of the company's stock valued at $70,092,000 after purchasing an additional 622,641 shares during the period. Bank of New York Mellon Corp bought a new position in shares of MP Materials in the 2nd quarter worth $65,230,000. Principal Financial Group Inc. boosted its position in shares of MP Materials by 32.4% in the 1st quarter. Principal Financial Group Inc. now owns 919,083 shares of the company's stock worth $44,355,000 after purchasing an additional 225,009 shares during the last quarter. Finally, Alps Advisors Inc. grew its stake in shares of MP Materials by 26.0% during the third quarter. Alps Advisors Inc. now owns 763,110 shares of the company's stock worth $36,087,000 after purchasing an additional 157,272 shares during the period. 52.55% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on MP. Wall Street Zen upgraded shares of MP Materials from a "sell" rating to a "hold" rating in a research report on Saturday, November 7th. Canaccord Genuity Group reduced their target price on shares of MP Materials from $82.00 to $70.00 and set a "buy" rating on the stock in a research report on Monday. DA Davidson reissued a "buy" rating and set a $82.00 price target on shares of MP Materials in a research note on Monday, August 24th. Needham & Company LLC lowered their price target on shares of MP Materials from $81.00 to $73.00 and set a "buy" rating for the company in a report on Wednesday, July 22nd. Finally, Barclays dropped their price objective on shares of MP Materials from $65.00 to $54.00 and set an "overweight" rating for the company in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $69.50.

MP Materials Company Profile

MP Materials operates the Mountain Pass rare earth mine and processing facility in California. The site is a major North American source of rare earth materials, which are used in products such as electric vehicles, wind turbines, electronics and defense systems. The company mines and processes rare earth ore into concentrate and separated products, including neodymium-praseodymium (NdPr), a key input for high-strength permanent magnets. MP Materials is also developing domestic magnet manufacturing capabilities to extend its business further along the supply chain.

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