MP Materials Corp. (NYSE:MP – Get Free Report)’s stock price shot up 6.7% during trading on Monday . The company traded as high as $55.67 and last traded at $54.52. Approximately 10,514,171 shares changed hands during trading, an increase of 57% from the average daily volume of 6,686,793 shares. The stock had previously closed at $51.11.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on MP. Wall Street Zen cut shares of MP Materials from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. Barclays decreased their price target on shares of MP Materials from $69.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, July 16th. Citigroup reissued a “positive” rating on shares of MP Materials in a research report on Wednesday, July 15th. Canaccord Genuity Group set a $82.00 price target on MP Materials in a research report on Friday, May 8th. Finally, Wedbush boosted their target price on MP Materials from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, MP Materials has an average rating of “Buy” and an average price target of $78.21.
Get Our Latest Stock Report on MP Materials
MP Materials Stock Down 2.2%
MP Materials (NYSE:MP – Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). MP Materials had a negative return on equity of 1.21% and a negative net margin of 19.85%.The company had revenue of $108.49 million during the quarter, compared to analyst estimates of $96.89 million. During the same quarter in the prior year, the business earned ($0.13) earnings per share. MP Materials’s revenue was up 89.0% on a year-over-year basis. As a group, equities research analysts expect that MP Materials Corp. will post 0.04 earnings per share for the current year.
Insider Activity 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 transaction of $12,802,446.38. Following the sale, the chief executive officer owned 11,620,798 shares in the company, valued at approximately $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 accessible through this hyperlink. Also, COO Michael Stuart Rosenthal bought 10,000 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were bought at an average cost of $54.30 per share, for a total transaction of $543,000.00. Following the transaction, the chief operating officer owned 136,622 shares in the company, valued at $7,418,574.60. The trade was a 7.90% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders sold 585,167 shares of company stock valued at $39,028,272. 8.20% of the stock is owned by insiders.
Institutional Trading of MP Materials
Several large investors have recently added to or reduced their stakes in the company. EMC Capital Management purchased a new stake in shares of MP Materials in the 4th quarter valued at $25,000. Whittier Trust Co. of Nevada Inc. acquired a new position in MP Materials in the 4th quarter worth about $26,000. REAP Financial Group LLC purchased a new position in MP Materials during the fourth quarter worth approximately $26,000. Los Angeles Capital Management LLC purchased a new position in shares of MP Materials during the 4th quarter valued at approximately $28,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in MP Materials during the fourth quarter valued at $36,000. 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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