MP Materials Corp. (NYSE:MP – Get Free Report) dropped 5.2% during trading on Thursday . The stock traded as low as $58.98 and last traded at $60.4220. Approximately 9,736,799 shares changed hands during mid-day trading, an increase of 38% from the average daily volume of 7,051,691 shares. The stock had previously closed at $63.73.
Analyst Ratings Changes
MP has been the subject of several recent analyst reports. DA Davidson reissued a “buy” rating and issued a $82.00 price target on shares of MP Materials in a report on Wednesday, March 11th. TD Securities raised shares of MP Materials to a “strong-buy” rating in a report on Monday, February 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a report on Tuesday, April 21st. William Blair reissued an “outperform” rating on shares of MP Materials in a report on Wednesday, March 4th. Finally, Wall Street Zen raised shares of MP Materials from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $81.00.
View Our Latest Report on MP Materials
MP Materials Stock Performance
MP Materials (NYSE:MP – Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.04. MP Materials had a negative net margin of 28.00% and a negative return on equity of 2.27%. The company had revenue of $90.65 million for the quarter, compared to analysts’ expectations of $74.82 million. During the same quarter in the previous year, the company posted ($0.12) EPS. The firm’s quarterly revenue was up 49.1% on a year-over-year basis. On average, sell-side analysts predict that MP Materials Corp. will post 0.1 EPS for the current year.
Insider Buying and Selling at MP Materials
In other MP Materials news, CFO Ryan Corbett sold 20,000 shares of MP Materials stock in a transaction on Friday, May 8th. The shares were sold at an average price of $75.00, for a total transaction of $1,500,000.00. Following the sale, the chief financial officer owned 109,017 shares of the company’s stock, valued at $8,176,275. The trade was a 15.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO James H. Litinsky sold 259,179 shares of MP Materials stock in a transaction on Monday, April 20th. The stock was sold at an average price of $64.03, for a total transaction of $16,595,231.37. Following the sale, the chief executive officer directly owned 12,505,965 shares in the company, valued at approximately $800,756,938.95. This trade represents a 2.03% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 366,000 shares of company stock worth $23,469,816. 8.20% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio boosted its position in shares of MP Materials by 5.1% during the 1st quarter. Public Employees Retirement System of Ohio now owns 41,749 shares of the company’s stock valued at $2,015,000 after acquiring an additional 2,030 shares during the last quarter. Sei Investments Co. boosted its position in shares of MP Materials by 14.6% during the 1st quarter. Sei Investments Co. now owns 52,101 shares of the company’s stock valued at $2,514,000 after acquiring an additional 6,631 shares during the last quarter. Signature Equity Partners LLC boosted its position in shares of MP Materials by 126.3% during the 1st quarter. Signature Equity Partners LLC now owns 3,986 shares of the company’s stock valued at $192,000 after acquiring an additional 2,225 shares during the last quarter. First Trust Advisors LP boosted its position in shares of MP Materials by 1.7% during the 1st quarter. First Trust Advisors LP now owns 518,108 shares of the company’s stock valued at $25,004,000 after acquiring an additional 8,663 shares during the last quarter. Finally, Himension Capital Singapore PTE. LTD. boosted its position in shares of MP Materials by 28.6% during the 1st quarter. Himension Capital Singapore PTE. LTD. now owns 135,016 shares of the company’s stock valued at $6,516,000 after acquiring an additional 30,054 shares during the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.
MP Materials Company Profile
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.
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