MP Materials Corp. (NYSE:MP – Get Free Report) shares shot up 8.2% on Tuesday . The stock traded as high as $48.45 and last traded at $47.4480. Approximately 10,010,222 shares changed hands during mid-day trading, an increase of 52% from the average session volume of 6,607,378 shares. The stock had previously closed at $43.84.
Analyst Upgrades and Downgrades
Several equities analysts have commented on MP shares. Needham & Company LLC lowered their price objective on shares of MP Materials from $81.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, July 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of MP Materials in a research report on Friday, July 17th. Citigroup reaffirmed a “positive” rating on shares of MP Materials in a report on Wednesday, July 15th. Wall Street Zen cut MP Materials from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Finally, JPMorgan Chase & Co. decreased their price objective on MP Materials from $75.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, MP Materials presently has an average rating of “Buy” and a consensus price target of $78.21.
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MP Materials Price Performance
MP Materials (NYSE:MP – Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The business had revenue of $108.49 million for the quarter, compared to the consensus estimate of $96.89 million. MP Materials had a negative net margin of 28.00% and a negative return on equity of 2.27%. As a group, research analysts anticipate that MP Materials Corp. will post 0.04 EPS for the current fiscal year.
Insider Buying and Selling
In other MP Materials news, CEO James H. Litinsky sold 185,167 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $69.14, for a total value of $12,802,446.38. Following the completion of the sale, the chief executive officer owned 11,620,798 shares of the company’s stock, valued at $803,461,973.72. This trade represents a 1.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michael Stuart Rosenthal acquired 10,000 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was purchased at an average cost of $54.30 per share, with a total value of $543,000.00. Following the purchase, the chief operating officer owned 136,622 shares of the company’s stock, valued at $7,418,574.60. The trade was a 7.90% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold 905,167 shares of company stock valued at $60,161,837 in the last ninety days. 8.20% of the stock is owned by company insiders.
Hedge Funds Weigh In On MP Materials
A number of large investors have recently bought and sold shares of the business. Costello Asset Management INC increased its holdings in MP Materials by 15.0% in the fourth quarter. Costello Asset Management INC now owns 1,300 shares of the company’s stock valued at $66,000 after buying an additional 170 shares in the last quarter. Composition Wealth LLC boosted its stake in shares of MP Materials by 0.9% during the 4th quarter. Composition Wealth LLC now owns 18,334 shares of the company’s stock worth $926,000 after acquiring an additional 172 shares in the last quarter. ARS Investment Partners LLC boosted its stake in shares of MP Materials by 1.0% during the 4th quarter. ARS Investment Partners LLC now owns 19,980 shares of the company’s stock worth $1,009,000 after acquiring an additional 200 shares in the last quarter. Cresset Asset Management LLC grew its position in shares of MP Materials by 1.0% during the 2nd quarter. Cresset Asset Management LLC now owns 21,444 shares of the company’s stock valued at $713,000 after acquiring an additional 204 shares during the period. Finally, Kestra Private Wealth Services LLC grew its position in shares of MP Materials by 1.8% during the 4th quarter. Kestra Private Wealth Services LLC now owns 12,232 shares of the company’s stock valued at $618,000 after acquiring an additional 212 shares during the period. 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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