MP Materials (NYSE:MP) Shares Up 1.3% - Here's What Happened

Key Points

• MP Materials Corp.'s shares increased by 1.3% during trading, reaching a high of $75.92 and last trading at $73.09, with trading volume significantly up by 296% compared to the average.
• Several analysts have issued ratings for the stock, including a "buy" rating from Benchmark and an upgraded price target to $77.00 from Canaccord Genuity, indicating strong positive sentiments towards its performance.
• The company reported quarterly earnings of ($0.13) per share, surpassing analysts' estimates, and achieving revenue of $57.39 million, marking an 83.6% year-over-year increase.

Shares of MP Materials Corp. (NYSE:MP - Get Free Report) traded up 1.3% during trading on Friday . The company traded as high as $75.92 and last traded at $73.09. 37,343,822 shares changed hands during trading, an increase of 296% from the average session volume of 9,424,065 shares. The stock had previously closed at $72.13.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wall Street Zen upgraded shares of MP Materials from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Benchmark reaffirmed a "buy" rating on shares of MP Materials in a research report on Friday, August 29th. Cowen restated a "buy" rating on shares of MP Materials in a research note on Friday, August 8th. Cfra Research raised shares of MP Materials to a "moderate buy" rating in a report on Monday, August 11th. Finally, Canaccord Genuity Group increased their price objective on shares of MP Materials from $64.00 to $77.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, MP Materials presently has a consensus rating of "Moderate Buy" and an average price target of $66.88.

MP Materials Stock Up 1.3%

The company has a debt-to-equity ratio of 0.83, a quick ratio of 3.12 and a current ratio of 3.60. The stock has a market capitalization of $12.94 billion, a price-to-earnings ratio of -116.02 and a beta of 2.32. The firm's fifty day simple moving average is $66.39 and its 200 day simple moving average is $40.19.

MP Materials (NYSE:MP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.16) by $0.03. The company had revenue of $57.39 million for the quarter, compared to the consensus estimate of $44.84 million. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The firm's revenue was up 83.6% compared to the same quarter last year. During the same period last year, the company earned ($0.17) earnings per share. On average, sell-side analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current year.

Insider Activity

In related news, COO Michael Stuart Rosenthal sold 150,000 shares of the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $72.02, for a total transaction of $10,803,000.00. Following the completion of the sale, the chief operating officer owned 1,284,409 shares of the company's stock, valued at $92,503,136.18. This represents a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 9.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Caxton Associates LLP acquired a new stake in MP Materials during the 2nd quarter valued at approximately $132,238,000. National Bank of Canada FI lifted its stake in MP Materials by 19,314.3% during the 2nd quarter. National Bank of Canada FI now owns 2,013,462 shares of the company's stock valued at $66,987,000 after acquiring an additional 2,003,091 shares in the last quarter. Driehaus Capital Management LLC purchased a new stake in shares of MP Materials during the 1st quarter valued at $34,288,000. BNP Paribas Financial Markets increased its position in shares of MP Materials by 76.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company's stock valued at $97,200,000 after purchasing an additional 1,264,243 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in MP Materials by 429.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,550,124 shares of the company's stock worth $37,839,000 after acquiring an additional 1,257,282 shares during the last quarter. Institutional investors and hedge funds own 52.55% of the company's stock.

MP Materials Company Profile

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.