MP Materials (NYSE:MP) Trading Down 1.9% - Here's What Happened

Key Points

• MP Materials Corp. shares decreased by 1.9% on Tuesday, reaching a low of $65.91 before closing at $66.90, with trading volume down 20% from average levels.
• Analyst ratings reflect strong optimism, with Canaccord Genuity increasing the price target to $77.00 and indicating a "buy" rating, while the average price target across analysts is currently $68.33.
• Recently, COO Michael Stuart Rosenthal sold 150,000 shares of MP Materials for approximately $10.8 million, reducing his ownership by about 10.46% in the company.

Shares of MP Materials Corp. (NYSE:MP - Get Free Report) dropped 1.9% on Tuesday . The company traded as low as $65.91 and last traded at $66.90. Approximately 7,695,469 shares were traded during mid-day trading, a decline of 20% from the average daily volume of 9,646,655 shares. The stock had previously closed at $68.18.

Analyst Ratings Changes

MP has been the topic of a number of analyst reports. Canaccord Genuity Group increased their price target on MP Materials from $64.00 to $77.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Daiwa Capital Markets initiated coverage on MP Materials in a research note on Monday, September 22nd. They issued an "outperform" rating and a $80.00 price target on the stock. Morgan Stanley set a $65.00 price target on MP Materials and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Daiwa America raised MP Materials to a "strong-buy" rating in a research note on Monday, September 22nd. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on MP Materials from $20.00 to $69.00 and gave the stock a "hold" rating in a research note on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $68.33.

MP Materials Stock Performance

The stock has a fifty day simple moving average of $68.09 and a 200-day simple moving average of $42.39. The stock has a market cap of $11.85 billion, a P/E ratio of -106.20 and a beta of 2.32. The company has a debt-to-equity ratio of 0.83, a quick ratio of 3.12 and a current ratio of 3.60.

MP Materials (NYSE:MP - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.16) by $0.03. The firm had revenue of $57.39 million during the quarter, compared to analysts' expectations of $44.84 million. MP Materials had a negative return on equity of 9.34% and a negative net margin of 41.87%.The company's revenue was up 83.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.17) EPS. On average, equities analysts expect that MP Materials Corp. will post -0.19 earnings per share for the current year.

Insider Transactions at MP Materials

In other MP Materials news, COO Michael Stuart Rosenthal sold 150,000 shares of the stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $72.02, for a total transaction of $10,803,000.00. Following the completion of the transaction, the chief operating officer owned 1,284,409 shares in the company, valued at approximately $92,503,136.18. This represents a 10.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 12.60% of the company's stock.

Hedge Funds Weigh In On MP Materials

Several hedge funds have recently modified their holdings of MP. Highline Wealth Partners LLC bought a new position in shares of MP Materials in the 2nd quarter valued at about $25,000. AdvisorNet Financial Inc lifted its position in MP Materials by 168.7% during the second quarter. AdvisorNet Financial Inc now owns 806 shares of the company's stock worth $27,000 after acquiring an additional 506 shares during the last quarter. NBC Securities Inc. increased its stake in MP Materials by 119,900.0% in the first quarter. NBC Securities Inc. now owns 1,200 shares of the company's stock valued at $29,000 after acquiring an additional 1,199 shares during the last quarter. MAI Capital Management increased its stake in MP Materials by 132.7% in the first quarter. MAI Capital Management now owns 1,403 shares of the company's stock valued at $34,000 after acquiring an additional 800 shares during the last quarter. Finally, Spire Wealth Management increased its stake in MP Materials by 181.3% in the second quarter. Spire Wealth Management now owns 1,010 shares of the company's stock valued at $34,000 after acquiring an additional 651 shares during the last quarter. Institutional investors own 52.55% of the company's stock.

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.

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