MP Materials Corp. (NYSE:MP – Get Free Report)’s share price traded up 2.1% during trading on Thursday following insider buying activity. The company traded as high as $38.63 and last traded at $37.4860. Approximately 8,629,593 shares were traded during trading, an increase of 35% from the average daily volume of 6,388,366 shares. The stock had previously closed at $36.73.
Specifically, CFO Ryan Corbett bought 5,476 shares of MP Materials stock in a transaction dated Tuesday, November 10th. The shares were acquired at an average cost of $36.25 per share, with a total value of $198,505.00. Following the completion of the transaction, the chief financial officer owned 114,493 shares in the company, valued at $4,150,371.25. The trade was a 5.02% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Randall Weisenburger purchased 55,000 shares of the firm’s stock in a transaction dated Tuesday, November 10th. The shares were bought at an average cost of $36.00 per share, with a total value of $1,980,000.00. Following the purchase, the director directly owned 205,899 shares of the company’s stock, valued at approximately $7,412,364. This represents a 36.45% increase in their position. The disclosure for this purchase is available in the SEC filing. In other news, COO Michael Rosenthal purchased 5,000 shares of the stock in a transaction that occurred on Wednesday, November 11th. The stock was purchased at an average price of $37.30 per share, for a total transaction of $186,500.00. Following the completion of the acquisition, the chief operating officer owned 1,365,673 shares of the company’s stock, valued at approximately $50,939,602.90. This trade represents a 0.37% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
Analyst Ratings Changes
Several research analysts recently issued reports on MP shares. Jefferies Financial Group reissued a “buy” rating on shares of MP Materials in a research note on Tuesday, September 8th. Canaccord Genuity Group decreased their target price on MP Materials from $82.00 to $70.00 and set a “buy” rating for the company in a research report on Monday. Freedom Broker upgraded MP Materials from a “hold” rating to a “buy” rating and set a $51.00 target price for the company in a report on Tuesday. Citigroup reiterated a “positive” rating on shares of MP Materials in a report on Wednesday, July 15th. Finally, DA Davidson reissued a “buy” rating and set a $82.00 price target on shares of MP Materials in a research report on Monday, August 24th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $69.50.
Get Our Latest Stock Report on MP Materials
Top MP Materials Stories
These are some of the MP stories that stood out recently:
- Positive Sentiment: Three insiders—including the CFO, COO and a director—bought more than $3.35 million of MP shares this week. Those purchases may signal confidence in the company after a difficult stretch for the stock. Article: MP Materials sees a flurry of insider purchases
- Positive Sentiment: Investors are favoring companies with established production and revenue within the critical-minerals sector, a dynamic that benefits MP as the largest U.S. rare-earth producer. Article: Traders pick winners among critical-minerals stocks
- Negative Sentiment: Lawmakers may review the government’s $400 million equity stake and related support, raising uncertainty about oversight of federal involvement in the rare-earth supply chain. Article: MP Materials heads for review as federal stake draws scrutiny
MP Materials Stock Performance
The company has a debt-to-equity ratio of 0.48, a quick ratio of 6.04 and a current ratio of 6.75. The firm has a market cap of $6.68 billion, a P/E ratio of -170.39 and a beta of 2.05. The firm’s fifty day moving average price is $44.57 and its 200 day moving average price is $53.98.
MP Materials (NYSE:MP – Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.06. MP Materials had a negative net margin of 9.90% and a negative return on equity of 0.05%. The firm had revenue of $147.66 million during the quarter, compared to analysts’ expectations of $117.37 million. During the same quarter in the prior year, the company earned ($0.10) EPS. The company’s revenue was up 175.7% compared to the same quarter last year. Sell-side analysts expect that MP Materials Corp. will post -0.21 EPS for the current fiscal year.
Hedge Funds Weigh In On MP Materials
A number of large investors have recently bought and sold shares of MP. Bank of New York Mellon Corp purchased a new stake in MP Materials during the second quarter worth $65,230,000. State Street Corp increased its holdings in shares of MP Materials by 12.1% in the 3rd quarter. State Street Corp now owns 8,717,104 shares of the company’s stock valued at $412,232,000 after acquiring an additional 943,358 shares during the period. Voya Investment Management LLC increased its holdings in shares of MP Materials by 72.4% in the 3rd quarter. Voya Investment Management LLC now owns 1,482,169 shares of the company’s stock valued at $70,092,000 after acquiring an additional 622,641 shares during the period. Amundi raised its position in shares of MP Materials by 260.2% in the 1st quarter. Amundi now owns 385,001 shares of the company’s stock worth $18,580,000 after acquiring an additional 278,126 shares in the last quarter. Finally, BNP Paribas raised its position in shares of MP Materials by 979.0% in the 3rd quarter. BNP Paribas now owns 302,127 shares of the company’s stock worth $14,288,000 after acquiring an additional 274,127 shares in the last quarter. Institutional investors own 52.55% of the company’s stock.
About MP Materials
MP Materials operates the Mountain Pass rare earth mine and processing facility in California. The site is a major North American source of rare earth materials, which are used in products such as electric vehicles, wind turbines, electronics and defense systems. The company mines and processes rare earth ore into concentrate and separated products, including neodymium-praseodymium (NdPr), a key input for high-strength permanent magnets. MP Materials is also developing domestic magnet manufacturing capabilities to extend its business further along the supply chain.
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