MP Materials (NYSE:MP) Shares Down 3.7% - Here's What Happened

MP Materials Corp. (NYSE:MP - Get Free Report)'s stock price dropped 3.7% during mid-day trading on Monday . The company traded as low as $29.62 and last traded at $30.66. Approximately 2,653,623 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 4,711,925 shares. The stock had previously closed at $31.84.

Analyst Upgrades and Downgrades

MP has been the subject of a number of research analyst reports. BMO Capital Markets lifted their target price on shares of MP Materials from $22.00 to $29.00 and gave the company a "market perform" rating in a research note on Thursday, March 20th. DA Davidson lifted their target price on shares of MP Materials from $25.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Jefferies Financial Group reiterated a "hold" rating and issued a $33.00 target price (up previously from $32.00) on shares of MP Materials in a research note on Monday. Morgan Stanley upgraded shares of MP Materials from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $23.00 to $34.00 in a research report on Thursday, June 5th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of MP Materials from $21.00 to $18.00 and set a "neutral" rating for the company in a research report on Monday, May 12th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $28.06.

MP Materials Stock Down 2.3%

The business's fifty day simple moving average is $26.65 and its 200 day simple moving average is $24.18. The company has a current ratio of 4.12, a quick ratio of 3.58 and a debt-to-equity ratio of 0.81. The stock has a market cap of $5.08 billion, a price-to-earnings ratio of -47.85 and a beta of 2.26.

MP Materials (NYSE:MP - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). MP Materials had a negative return on equity of 9.77% and a negative net margin of 48.41%. The business had revenue of $60.81 million for the quarter, compared to analyst estimates of $64.74 million. During the same period in the prior year, the firm posted ($0.04) EPS. MP Materials's revenue was up 24.9% on a year-over-year basis. Equities analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MP Materials news, CEO James H. Litinsky sold 199,180 shares of MP Materials stock in a transaction on Monday, April 14th. The shares were sold at an average price of $27.08, for a total transaction of $5,393,794.40. Following the completion of the sale, the chief executive officer owned 13,643,076 shares of the company's stock, valued at approximately $369,454,498.08. The trade was a 1.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.60% of the company's stock.

Institutional Trading of MP Materials

Institutional investors have recently bought and sold shares of the business. JT Stratford LLC grew its holdings in shares of MP Materials by 0.7% in the 4th quarter. JT Stratford LLC now owns 63,685 shares of the company's stock valued at $993,000 after buying an additional 424 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of MP Materials by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,793 shares of the company's stock valued at $265,000 after buying an additional 479 shares during the period. CWM LLC grew its holdings in shares of MP Materials by 16.5% in the 1st quarter. CWM LLC now owns 3,566 shares of the company's stock valued at $87,000 after buying an additional 505 shares during the period. Harbor Investment Advisory LLC grew its holdings in shares of MP Materials by 51.0% in the 2nd quarter. Harbor Investment Advisory LLC now owns 1,510 shares of the company's stock valued at $50,000 after buying an additional 510 shares during the period. Finally, Envestnet Asset Management Inc. grew its holdings in shares of MP Materials by 3.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 20,650 shares of the company's stock valued at $322,000 after buying an additional 662 shares during the period. 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.