Shares of MP Materials Corp. (NYSE:MP – Get Free Report) shot up 6.3% during trading on Monday . The stock traded as high as $44.38 and last traded at $43.9660. Approximately 5,555,613 shares changed hands during trading, a decline of 16% from the average session volume of 6,583,795 shares. The stock had previously closed at $41.37.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on MP shares. JPMorgan Chase & Co. cut their price target on MP Materials from $75.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday, July 29th. Needham & Company LLC decreased their target price on MP Materials from $81.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. Citigroup reiterated a “positive” rating on shares of MP Materials in a research note on Wednesday, July 15th. Wall Street Zen lowered MP Materials from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Finally, Barclays decreased their target price on MP Materials from $69.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $78.21.
Read Our Latest Research Report on MP Materials
MP Materials Price Performance
MP Materials (NYSE:MP – Get Free Report) last released its 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. MP Materials had a negative return on equity of 2.27% and a negative net margin of 28.00%.The firm had revenue of $90.65 million for the quarter, compared to analysts’ expectations of $74.82 million. During the same quarter in the prior year, the firm posted ($0.12) earnings per share. The company’s quarterly revenue was up 49.1% on a year-over-year basis. On average, equities analysts predict that MP Materials Corp. will post 0.04 EPS for the current year.
Insider Buying and Selling
In related news, CEO James H. Litinsky sold 234,651 shares of the firm’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $65.87, for a total value of $15,456,461.37. Following the transaction, the chief executive officer owned 11,855,965 shares of the company’s stock, valued at $780,952,414.55. This trade represents a 1.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Michael Stuart Rosenthal acquired 17,000 shares of MP Materials stock in a transaction on Wednesday, May 20th. The shares were purchased at an average price of $56.62 per share, for a total transaction of $962,540.00. Following the completion of the acquisition, the chief operating officer directly owned 1,333,673 shares in the company, valued at $75,512,565.26. This trade represents a 1.29% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold 905,167 shares of company stock valued at $60,161,837 in the last 90 days. Company insiders own 8.20% of the company’s stock.
Hedge Funds Weigh In On MP Materials
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EMC Capital Management bought a new position in shares of MP Materials during the 4th quarter worth approximately $25,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in MP Materials during the 4th quarter valued at about $26,000. REAP Financial Group LLC acquired a new position in MP Materials in the 4th quarter worth approximately $26,000. Financial Consulate Inc. raised its holdings in shares of MP Materials by 555.3% during the fourth quarter. Financial Consulate Inc. now owns 557 shares of the company’s stock worth $28,000 after purchasing an additional 472 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of MP Materials in the 4th quarter valued at about $28,000. Hedge funds and other institutional investors 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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