MP Materials (NYSE:MP) Posts Quarterly Earnings Results, Misses Expectations By $0.08 EPS

MP Materials (NYSE:MP) issued its quarterly earnings results on Thursday. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.08), Briefing.com reports. The business had revenue of $31.26 million during the quarter, compared to analyst estimates of $40.03 million. MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.13%. The company’s revenue for the quarter was down 51.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.07 earnings per share.

MP Materials Trading Down 11.9 %

Shares of MP Materials stock traded down $1.51 on Friday, hitting $11.17. 8,501,127 shares of the company’s stock traded hands, compared to its average volume of 2,108,821. The firm’s 50-day moving average price is $14.25 and its two-hundred day moving average price is $15.28. The stock has a market capitalization of $1.85 billion, a PE ratio of -74.47 and a beta of 2.22. MP Materials has a one year low of $10.94 and a one year high of $24.44. The company has a debt-to-equity ratio of 0.82, a current ratio of 10.29 and a quick ratio of 9.28.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Benchmark reissued a “buy” rating and set a $30.00 target price on shares of MP Materials in a research report on Friday. Robert W. Baird decreased their price objective on MP Materials from $24.00 to $20.00 and set an “outperform” rating on the stock in a report on Monday, July 15th. BMO Capital Markets began coverage on MP Materials in a report on Monday, July 15th. They set a “market perform” rating and a $16.50 price objective on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on MP Materials from $17.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, April 11th. Finally, Bank of America decreased their price objective on MP Materials from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $20.50.

Insider Activity

In other news, Director Andrew A. Mcknight sold 317,750 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $18.07, for a total value of $5,741,742.50. Following the completion of the transaction, the director now owns 86,000 shares of the company’s stock, valued at approximately $1,554,020. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other MP Materials news, CFO Ryan Corbett sold 50,000 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $16.93, for a total value of $846,500.00. Following the transaction, the chief financial officer now directly owns 325,021 shares of the company’s stock, valued at approximately $5,502,605.53. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Andrew A. Mcknight sold 317,750 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $18.07, for a total transaction of $5,741,742.50. Following the completion of the transaction, the director now directly owns 86,000 shares in the company, valued at $1,554,020. The disclosure for this sale can be found here. 12.60% of the stock is owned by company insiders.

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.