MP Materials Corp. (NYSE:MP – Get Free Report)’s stock price traded down 4.7% during trading on Friday . The company traded as low as $55.64 and last traded at $56.26. 4,867,744 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 6,651,757 shares. The stock had previously closed at $59.03.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on MP shares. DA Davidson reissued a “buy” rating and issued a $82.00 target price on shares of MP Materials in a report on Monday, August 24th. Needham & Company LLC reduced their price target 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. Zacks Research cut shares of MP Materials from a “hold” rating to a “strong sell” rating in a research note on Wednesday. JPMorgan Chase & Co. cut their target price on shares of MP Materials from $75.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday, July 29th. Finally, Wedbush upped their target price on shares of MP Materials from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $78.21.
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MP Materials Price Performance
MP Materials (NYSE:MP – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). The business had revenue of $108.49 million during the quarter, compared to analyst estimates of $96.89 million. MP Materials had a negative net margin of 19.85% and a negative return on equity of 1.21%. The company’s revenue was up 89.0% on a year-over-year basis. During the same period in the prior year, the business posted ($0.13) earnings per share. On average, analysts forecast that MP Materials Corp. will post -0.12 EPS for the current fiscal year.
Insider Buying and Selling at MP Materials
In other news, CEO James H. Litinsky sold 185,167 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $69.14, for a total value of $12,802,446.38. Following the transaction, the chief executive officer directly owned 11,620,798 shares in the company, valued at $803,461,973.72. The trade was a 1.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michael Stuart Rosenthal acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The stock was acquired 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 approximately $7,418,574.60. This trade represents a 7.90% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 8.20% of the company’s stock.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the business. Hancock Prospecting Pty Ltd grew its holdings in MP Materials by 7.2% during the 3rd quarter. Hancock Prospecting Pty Ltd now owns 14,861,212 shares of the company’s stock valued at $996,741,000 after buying an additional 1,000,000 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of MP Materials by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 14,479,787 shares of the company’s stock worth $731,519,000 after acquiring an additional 459,213 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of MP Materials by 5,523.6% during the second quarter. California State Teachers Retirement System now owns 9,225,687 shares of the company’s stock worth $516,731,000 after acquiring an additional 9,061,633 shares during the last quarter. State Street Corp grew its stake in MP Materials by 13.2% during the fourth quarter. State Street Corp now owns 6,597,885 shares of the company’s stock valued at $333,325,000 after acquiring an additional 769,517 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in MP Materials by 76.3% during the second quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company’s stock valued at $97,200,000 after acquiring an additional 1,264,243 shares in the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.
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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