Needham & Company LLC upgraded shares of MP Materials (NYSE:MP – Free Report) to a moderate buy rating in a report released on Monday morning,Zacks.com reports.
A number of other analysts have also issued reports on MP. TD Securities upgraded MP Materials to a “strong-buy” rating in a research note on Monday, February 9th. DA Davidson reaffirmed a “buy” rating and set a $82.00 target price on shares of MP Materials in a report on Wednesday, May 20th. Wall Street Zen upgraded MP Materials from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of MP Materials in a report on Tuesday, May 12th. Finally, Morgan Stanley boosted their price objective on shares of MP Materials from $62.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $80.14.
Check Out Our Latest Stock Report on MP Materials
MP Materials Price Performance
MP Materials (NYSE:MP – Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.04. The company had revenue of $90.65 million for the quarter, compared to analysts’ expectations of $74.82 million. MP Materials had a negative net margin of 28.00% and a negative return on equity of 2.27%. MP Materials’s revenue was up 49.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.12) EPS. Equities analysts forecast that MP Materials will post -0.04 EPS for the current year.
Insider Activity
In other MP Materials news, CFO Ryan Corbett sold 20,000 shares of MP Materials stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 109,017 shares in the company, valued at $8,176,275. The trade was a 15.50% decrease in their ownership of the stock. 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, COO Michael Stuart Rosenthal purchased 17,000 shares of the business’s stock in a transaction on Wednesday, May 20th. The stock was bought at an average cost of $56.62 per share, with a total value of $962,540.00. Following the purchase, the chief operating officer owned 1,333,673 shares in the company, valued at approximately $75,512,565.26. This represents a 1.29% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders sold 1,066,000 shares of company stock worth $69,329,207. 8.20% of the stock is currently owned by insiders.
Institutional Trading of MP Materials
Institutional investors and hedge funds have recently made changes to their positions in the stock. EMC Capital Management purchased a new position in MP Materials in the fourth quarter worth $25,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in MP Materials during the fourth quarter valued at about $26,000. REAP Financial Group LLC bought a new stake in MP Materials during the fourth quarter worth about $26,000. Los Angeles Capital Management LLC purchased a new position in shares of MP Materials in the 4th quarter worth about $28,000. Finally, Financial Consulate Inc. boosted its holdings in shares of MP Materials by 555.3% in the 4th quarter. Financial Consulate Inc. now owns 557 shares of the company’s stock worth $28,000 after purchasing an additional 472 shares in the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.
About MP Materials
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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