MP Materials Corp. (NYSE:MP – Get Free Report)’s stock price rose 2.1% during trading on Thursday following insider buying activity. The company traded as high as $38.63 and last traded at $37.4860. Approximately 8,629,593 shares traded hands during trading, an increase of 35% from the average daily volume of 6,388,366 shares. The stock had previously closed at $36.73.
Specifically, CFO Ryan Corbett purchased 5,476 shares of the stock in a transaction that occurred on Tuesday, November 10th. The shares were bought at an average cost of $36.25 per share, with a total value of $198,505.00. Following the acquisition, the chief financial officer owned 114,493 shares in the company, valued at approximately $4,150,371.25. This trade represents a 5.02% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Randall Weisenburger purchased 55,000 shares of the company’s stock in a transaction on Tuesday, November 10th. The stock was acquired at an average price of $36.00 per share, with a total value of $1,980,000.00. Following the completion of the purchase, the director directly owned 205,899 shares in the company, valued at $7,412,364. This trade represents a 36.45% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In related news, COO Michael Rosenthal acquired 5,000 shares of the business’s stock in a transaction on Wednesday, November 11th. The stock was acquired at an average cost of $37.30 per share, with a total value of $186,500.00. Following the acquisition, the chief operating officer directly owned 1,365,673 shares in the company, valued at $50,939,602.90. This represents a 0.37% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on MP shares. Barclays lowered their target price on shares of MP Materials from $65.00 to $54.00 and set an “overweight” rating on the stock in a report on Monday. Needham & Company LLC cut their target price on shares of MP Materials from $81.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. 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 note on Wednesday, July 29th. Jefferies Financial Group reiterated a “buy” rating on shares of MP Materials in a report on Tuesday, September 8th. Finally, Citigroup reiterated a “positive” rating on shares of MP Materials in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.50.
Key MP Materials News
These are some of the MP news items that stood out recently:
- Positive Sentiment: Three insiders—including the CFO, COO and a director—bought more than $3.35 million of MP shares this week. Those purchases may signal confidence in the company after a difficult stretch for the stock. Article: MP Materials sees a flurry of insider purchases
- Negative Sentiment: The bullish signals are tempered by concerns that MP’s valuation is steep and costs are rising; another report cites an analyst downgrade. Article: MP Materials stock price down on analyst downgrade
- Negative Sentiment: Lawmakers may review the government’s $400 million equity stake and related support, raising uncertainty about oversight of federal involvement in the rare-earth supply chain. Article: MP Materials heads for review as federal stake draws scrutiny
MP Materials Price Performance
The company has a current ratio of 6.75, a quick ratio of 6.04 and a debt-to-equity ratio of 0.48. The firm’s 50-day moving average price is $44.57 and its 200-day moving average price is $53.98. The stock has a market capitalization of $6.68 billion, a PE ratio of -170.39 and a beta of 2.05.
MP Materials (NYSE:MP – Get Free Report) last released its quarterly earnings results on Thursday, November 5th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.06. MP Materials had a negative return on equity of 0.05% and a negative net margin of 9.90%. The company had revenue of $147.66 million during the quarter, compared to analyst estimates of $117.37 million. During the same quarter last year, the business posted ($0.10) earnings per share. The firm’s revenue was up 175.7% on a year-over-year basis. On average, equities analysts forecast that MP Materials Corp. will post -0.21 EPS for the current fiscal year.
Hedge Funds Weigh In On MP Materials
Institutional investors and hedge funds have recently modified their holdings of the stock. Benjamin Edwards Inc. raised its stake in shares of MP Materials by 3.4% in the third quarter. Benjamin Edwards Inc. now owns 82,511 shares of the company’s stock valued at $3,902,000 after acquiring an additional 2,713 shares during the period. BNP Paribas grew its holdings in shares of MP Materials by 979.0% in the third quarter. BNP Paribas now owns 302,127 shares of the company’s stock worth $14,288,000 after purchasing an additional 274,127 shares during the last quarter. Allianz SE increased its stake in MP Materials by 20.2% in the 3rd quarter. Allianz SE now owns 78,647 shares of the company’s stock worth $3,719,000 after buying an additional 13,221 shares during the period. State Street Corp increased its stake in MP Materials by 12.1% in the 3rd quarter. State Street Corp now owns 8,717,104 shares of the company’s stock worth $412,232,000 after buying an additional 943,358 shares during the period. Finally, Advisors Asset Management Inc. bought a new stake in MP Materials during the 3rd quarter valued at about $1,479,000. Hedge funds and other institutional investors own 52.55% of the company’s stock.
MP Materials Company Profile
MP Materials operates the Mountain Pass rare earth mine and processing facility in California. The site is a major North American source of rare earth materials, which are used in products such as electric vehicles, wind turbines, electronics and defense systems. The company mines and processes rare earth ore into concentrate and separated products, including neodymium-praseodymium (NdPr), a key input for high-strength permanent magnets. MP Materials is also developing domestic magnet manufacturing capabilities to extend its business further along the supply chain.
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