MP Materials (NYSE:MP) Sets New 12-Month High - Here's Why

MP Materials Corp. (NYSE:MP - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $29.72 and last traded at $24.99, with a volume of 15597584 shares trading hands. The stock had previously closed at $27.59.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MP shares. DA Davidson raised their price target on MP Materials from $25.00 to $32.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. BMO Capital Markets lifted their target price on shares of MP Materials from $22.00 to $29.00 and gave the stock a "market perform" rating in a research note on Thursday, March 20th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.61.

MP Materials Trading Down 9.3 %

The stock has a 50-day moving average of $24.67 and a 200 day moving average of $21.25. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. The stock has a market cap of $3.91 billion, a PE ratio of -40.67 and a beta of 2.24.

MP Materials (NYSE:MP - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The company reported ($0.14) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.05). MP Materials had a negative net margin of 32.09% and a negative return on equity of 8.44%. The company had revenue of $60.99 million for the quarter, compared to analysts' expectations of $50.71 million. As a group, sell-side analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current year.

Insider Activity at MP Materials

In related news, CEO James H. Litinsky sold 386,223 shares of the business's stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $24.01, for a total transaction of $9,273,214.23. Following the completion of the sale, the chief executive officer now directly owns 15,643,076 shares in the company, valued at approximately $375,590,254.76. The trade was a 2.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ryan Corbett sold 60,000 shares of MP Materials stock in a transaction on Friday, March 14th. The stock was sold at an average price of $25.51, for a total transaction of $1,530,600.00. Following the sale, the chief financial officer now directly owns 230,100 shares in the company, valued at approximately $5,869,851. This trade represents a 20.68 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,330,015 shares of company stock worth $34,559,781. 12.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On MP Materials

Hedge funds and other institutional investors have recently modified their holdings of the business. Tidal Investments LLC lifted its stake in MP Materials by 47.5% in the 3rd quarter. Tidal Investments LLC now owns 72,826 shares of the company's stock worth $1,285,000 after purchasing an additional 23,441 shares in the last quarter. Principal Financial Group Inc. lifted its position in MP Materials by 35.7% during the third quarter. Principal Financial Group Inc. now owns 604,892 shares of the company's stock worth $10,676,000 after buying an additional 159,200 shares in the last quarter. GAMMA Investing LLC lifted its position in MP Materials by 69.3% during the fourth quarter. GAMMA Investing LLC now owns 3,775 shares of the company's stock worth $59,000 after buying an additional 1,545 shares in the last quarter. Wedmont Private Capital acquired a new position in MP Materials during the fourth quarter worth $159,000. Finally, Miracle Mile Advisors LLC grew its holdings in MP Materials by 12.4% in the 4th quarter. Miracle Mile Advisors LLC now owns 15,900 shares of the company's stock valued at $248,000 after buying an additional 1,750 shares in the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

About MP Materials

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.