Shares of MP Materials Corp. (NYSE:MP - Get Free Report) traded up 3.6% during mid-day trading on Wednesday . The company traded as high as $60.58 and last traded at $59.4280. 4,895,625 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 7,150,695 shares. The stock had previously closed at $57.36.
Analysts Set New Price Targets
A number of research firms have recently weighed in on MP. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of MP Materials in a research note on Thursday, January 22nd. William Blair reaffirmed an "outperform" rating on shares of MP Materials in a research report on Wednesday, March 4th. Morgan Stanley reduced their price target on MP Materials from $71.00 to $62.00 and set an "overweight" rating for the company in a report on Thursday, April 9th. TD Securities upgraded MP Materials to a "strong-buy" rating in a report on Monday, February 9th. Finally, Wall Street Zen upgraded shares of MP Materials from a "sell" rating to a "hold" rating in a research note on Sunday, March 8th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $78.09.
Check Out Our Latest Stock Report on MP Materials
MP Materials Trading Up 3.6%
The company has a fifty day simple moving average of $56.54 and a two-hundred day simple moving average of $60.99. The company has a market capitalization of $10.56 billion, a P/E ratio of -114.28 and a beta of 1.67. The company has a debt-to-equity ratio of 0.47, a current ratio of 7.24 and a quick ratio of 6.67.
MP Materials (NYSE:MP - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.07. MP Materials had a negative return on equity of 4.28% and a negative net margin of 38.26%.The company had revenue of $52.69 million during the quarter, compared to the consensus estimate of $76.06 million. During the same quarter in the prior year, the company posted ($0.12) EPS. The firm's revenue was down 13.6% on a year-over-year basis. On average, analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.
Insider Transactions at MP Materials
In other MP Materials news, CFO Ryan Corbett sold 46,000 shares of the company's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $60.00, for a total transaction of $2,760,000.00. Following the completion of the sale, the chief financial officer owned 129,017 shares of the company's stock, valued at $7,741,020. This represents a 26.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 12.60% of the stock is owned by insiders.
Hedge Funds Weigh In On MP Materials
Institutional investors have recently modified their holdings of the company. Sound Income Strategies LLC grew its stake in MP Materials by 420.0% in the 3rd quarter. Sound Income Strategies LLC now owns 364 shares of the company's stock valued at $26,000 after buying an additional 294 shares during the last quarter. Grove Bank & Trust bought a new position in MP Materials in the 3rd quarter worth $34,000. EMC Capital Management acquired a new position in MP Materials during the 4th quarter worth $25,000. Whittier Trust Co. of Nevada Inc. bought a new stake in MP Materials during the fourth quarter valued at about $26,000. Finally, REAP Financial Group LLC bought a new stake in MP Materials during the fourth quarter valued at about $26,000. Institutional investors own 52.55% of the company's stock.
About MP Materials
(
Get Free Report)
MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.
The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.
Further Reading
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