MP Materials (NYSE:MP) Shares Down 1.4% – What’s Next?

MP Materials Corp. (NYSE:MP) fell 1.4% on Tuesday . The stock traded as low as $56.01 and last traded at $58.2140. 6,583,113 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 10,905,568 shares. The stock had previously closed at $59.04.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MP. DA Davidson reissued a “buy” rating and set a $82.00 price objective on shares of MP Materials in a report on Thursday, November 20th. The Goldman Sachs Group assumed coverage on MP Materials in a research report on Wednesday, November 19th. They set a “buy” rating and a $77.00 price target on the stock. Morgan Stanley set a $69.00 price target on shares of MP Materials in a report on Wednesday, October 8th. Jefferies Financial Group upgraded shares of MP Materials from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Friday, August 1st. Finally, Wall Street Zen lowered shares of MP Materials from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, MP Materials currently has an average rating of “Moderate Buy” and an average price target of $78.73.

MP Materials Trading Down 1.4%

The stock has a market cap of $10.32 billion, a PE ratio of -81.99 and a beta of 2.26. The company has a current ratio of 8.05, a quick ratio of 7.51 and a debt-to-equity ratio of 0.47. The firm has a fifty day simple moving average of $68.49 and a two-hundred day simple moving average of $54.61.

MP Materials (NYSE:MP) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.05. The company had revenue of $53.55 million for the quarter, compared to analysts’ expectations of $49.72 million. MP Materials had a negative net margin of 50.55% and a negative return on equity of 7.69%. MP Materials’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.12) earnings per share. As a group, equities analysts expect that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Insider Transactions at MP Materials

In other news, CFO Ryan Corbett sold 20,000 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $57.72, for a total transaction of $1,154,400.00. Following the sale, the chief financial officer owned 194,812 shares in the company, valued at approximately $11,244,548.64. This trade represents a 9.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO James H. Litinsky sold 248,411 shares of MP Materials stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $63.86, for a total transaction of $15,863,526.46. Following the sale, the chief executive officer directly owned 13,369,665 shares of the company’s stock, valued at $853,786,806.90. This represents a 1.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 418,411 shares of company stock valued at $27,820,926 in the last quarter. Insiders own 12.60% of the company’s stock.

Hedge Funds Weigh In On MP Materials

Large investors have recently modified their holdings of the company. CIBC Private Wealth Group LLC lifted its position in MP Materials by 10.4% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,042 shares of the company’s stock worth $204,000 after buying an additional 286 shares during the last quarter. CIBC Bancorp USA Inc. bought a new position in MP Materials during the third quarter valued at approximately $244,000. Tcfg Wealth Management LLC raised its stake in shares of MP Materials by 54.3% during the third quarter. Tcfg Wealth Management LLC now owns 27,800 shares of the company’s stock worth $1,865,000 after acquiring an additional 9,785 shares in the last quarter. Centaurus Financial Inc. purchased a new position in shares of MP Materials during the third quarter worth approximately $191,000. Finally, Sunbelt Securities Inc. lifted its holdings in shares of MP Materials by 81.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,495 shares of the company’s stock worth $234,000 after acquiring an additional 1,571 shares during the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

About MP Materials

MP Materials Corp., together with its subsidiaries, produces rare earth materials. The company owns and operates the Mountain Pass Rare Earth mine and processing facility in North America. It holds the mineral rights to the Mountain Pass mine and surrounding areas, as well as intellectual property rights related to the processing and development of rare earth minerals.