MP Materials (NYSE:MP) Trading Up 2.8% – Here’s Why

MP Materials Corp. (NYSE:MP) traded up 2.8% during trading on Tuesday . The stock traded as high as $60.48 and last traded at $58.5880. 12,044,129 shares traded hands during trading, an increase of 11% from the average session volume of 10,862,646 shares. The stock had previously closed at $56.98.

Wall Street Analyst Weigh In

MP has been the subject of a number of recent analyst reports. Robert W. Baird increased their price target on MP Materials from $52.00 to $69.00 and gave the company an “outperform” rating in a research report on Wednesday, July 23rd. Benchmark reaffirmed a “buy” rating on shares of MP Materials in a research note on Friday, August 29th. Bank of America raised their target price on shares of MP Materials from $78.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Weiss Ratings restated a “sell (d-)” rating on shares of MP Materials in a report on Wednesday, October 8th. Finally, Daiwa Capital Markets assumed coverage on shares of MP Materials in a research report on Monday, September 22nd. They set an “outperform” rating and a $80.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have 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 a consensus target price of $79.00.

MP Materials Stock Performance

The firm’s fifty day moving average is $68.99 and its 200 day moving average is $53.40. The firm has a market capitalization of $10.38 billion, a price-to-earnings ratio of -82.52 and a beta of 2.26. The company has a debt-to-equity ratio of 0.47, a current ratio of 8.05 and a quick ratio of 7.51.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, November 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.05. The company had revenue of $53.55 million during the quarter, compared to analyst estimates of $49.72 million. MP Materials had a negative net margin of 50.55% and a negative return on equity of 7.69%. The company’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.12) EPS. On average, analysts predict that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

Insider Activity at MP Materials

In other news, COO Michael Stuart Rosenthal sold 150,000 shares of the firm’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $72.02, for a total transaction of $10,803,000.00. Following the transaction, the chief operating officer owned 1,284,409 shares in the company, valued at approximately $92,503,136.18. This trade represents a 10.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 12.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MP Materials

Institutional investors have recently bought and sold shares of the stock. Wolff Wiese Magana LLC boosted its stake in shares of MP Materials by 28.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 806 shares of the company’s stock worth $54,000 after acquiring an additional 177 shares in the last quarter. Miracle Mile Advisors LLC raised its stake in shares of MP Materials by 1.0% in the 3rd quarter. Miracle Mile Advisors LLC now owns 18,162 shares of the company’s stock valued at $1,218,000 after acquiring an additional 188 shares in the last quarter. Wedmont Private Capital lifted its holdings in MP Materials by 1.7% in the 3rd quarter. Wedmont Private Capital now owns 11,824 shares of the company’s stock worth $872,000 after purchasing an additional 195 shares during the last quarter. IMG Wealth Management Inc. boosted its position in MP Materials by 4.7% during the third quarter. IMG Wealth Management Inc. now owns 4,446 shares of the company’s stock worth $298,000 after purchasing an additional 200 shares during the period. Finally, Rothschild Investment LLC boosted its position in MP Materials by 4.0% during the third quarter. Rothschild Investment LLC now owns 5,252 shares of the company’s stock worth $352,000 after purchasing an additional 202 shares during the period. 52.55% of the stock is currently owned by 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.