MP Materials (NYSE:MP) Stock Price Down 4.4% - Here's Why

Shares of MP Materials Corp. (NYSE:MP - Get Free Report) traded down 4.4% during mid-day trading on Wednesday . The stock traded as low as $29.92 and last traded at $29.82. 1,665,290 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 4,731,746 shares. The stock had previously closed at $31.19.

Analyst Upgrades and Downgrades

Several analysts have commented on MP shares. Jefferies Financial Group reiterated a "hold" rating and set a $33.00 target price (up from $32.00) on shares of MP Materials in a research note on Monday. Robert W. Baird increased their price objective on MP Materials from $30.00 to $38.00 and gave the company an "outperform" rating in a research report on Tuesday, June 17th. BMO Capital Markets boosted their target price on MP Materials from $22.00 to $29.00 and gave the stock a "market perform" rating in a research report on Thursday, March 20th. DA Davidson upped 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. Finally, JPMorgan Chase & Co. reduced their price target on shares of MP Materials from $21.00 to $18.00 and set a "neutral" rating for the company in a research note on Monday, May 12th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $31.28.

MP Materials Stock Down 0.4%

The company's 50 day moving average price is $27.31 and its two-hundred day moving average price is $24.46. 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 $7.37 billion, a P/E ratio of -69.32 and a beta of 2.26.

MP Materials (NYSE:MP - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $64.74 million. During the same quarter in the previous year, the business posted ($0.04) earnings per share. The firm'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 year.

Insider Transactions at MP Materials

In other MP Materials news, CEO James H. Litinsky sold 199,180 shares of the company's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $27.08, for a total value of $5,393,794.40. Following the completion of the sale, the chief executive officer owned 13,643,076 shares in the company, valued at $369,454,498.08. This represents a 1.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 9.50% of the company's stock.

Institutional Investors Weigh In On MP Materials

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MP. Price T Rowe Associates Inc. MD boosted its position in shares of MP Materials by 44.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,537,511 shares of the company's stock worth $101,986,000 after purchasing an additional 2,005,505 shares during the period. Driehaus Capital Management LLC bought a new position in MP Materials in the 1st quarter worth $34,288,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake 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 buying an additional 1,257,282 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in MP Materials during the fourth quarter valued at about $14,886,000. Finally, Vanguard Group Inc. lifted its position in shares of MP Materials by 7.4% in the first quarter. Vanguard Group Inc. now owns 13,662,567 shares of the company's stock valued at $333,503,000 after acquiring an additional 942,105 shares in the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

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.