MP Materials (NYSE:MP) CFO Ryan Corbett Acquires 5,476 Shares of Stock

MP Materials Corp. (NYSE:MP) CFO Ryan Corbett acquired 5,476 shares of the business’s stock in a transaction on Tuesday, November 10th. The stock was acquired at an average price 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 $4,150,371.25. The trade was a 5.02% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link.

MP Materials Trading Up 2.1%

MP opened at $37.49 on Friday. The firm has a market capitalization of $6.68 billion, a price-to-earnings ratio of -170.39 and a beta of 2.05. The company’s 50 day simple moving average is $44.22 and its two-hundred day simple moving average is $53.85. MP Materials Corp. has a 1-year low of $31.90 and a 1-year high of $76.80. The company has a debt-to-equity ratio of 0.48, a current ratio of 6.75 and a quick ratio of 6.04.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, November 5th. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $147.66 million during the quarter, compared to analyst estimates of $117.37 million. During the same period in the prior year, the business earned ($0.10) earnings per share. The business’s revenue was up 175.7% compared to the same quarter last year. Analysts expect that MP Materials Corp. will post -0.21 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on MP shares. Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a research note on Thursday, October 15th. Robert W. Baird dropped their target price on MP Materials from $80.00 to $65.00 and set an “outperform” rating for the company in a report on Thursday, October 1st. DA Davidson reaffirmed a “buy” rating and issued a $82.00 target price on shares of MP Materials in a research note on Monday, August 24th. Canaccord Genuity Group reduced their price target on MP Materials from $82.00 to $70.00 and set a “buy” rating on the stock in a report on Monday. Finally, Needham & Company LLC lowered their price target on shares of MP Materials from $81.00 to $73.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat.com, MP Materials has an average rating of “Moderate Buy” and a consensus price target of $69.50.

Institutional Trading of MP Materials

Hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in shares of MP Materials during the 2nd quarter valued at approximately $65,230,000. State Street Corp lifted its holdings in MP Materials by 12.1% in the third quarter. State Street Corp now owns 8,717,104 shares of the company’s stock valued at $412,232,000 after acquiring an additional 943,358 shares during the last quarter. Voya Investment Management LLC lifted its holdings in MP Materials by 72.4% in the third quarter. Voya Investment Management LLC now owns 1,482,169 shares of the company’s stock valued at $70,092,000 after acquiring an additional 622,641 shares during the last quarter. Amundi grew its position in MP Materials by 260.2% in the first quarter. Amundi now owns 385,001 shares of the company’s stock worth $18,580,000 after acquiring an additional 278,126 shares during the period. Finally, BNP Paribas grew its position in 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 acquiring an additional 274,127 shares during the period. Hedge funds and other institutional investors own 52.55% of the company’s stock.

Recent MP Materials Headlines

These are some of the MP headlines that stood out recently:

• Positive Sentiment: Three insiders—including the CFO, COO and a director—bought more than $3.35 million of MP shares. The purchases may signal confidence, and came after the company began shipping saleable magnets to General Motors. MP Materials Stock Rises After Insiders Buy $3.35 Million
• Positive Sentiment: Recent third-quarter results beat estimates, supported by higher neodymium-praseodymium sales and pricing. The company has also reported progress on customer agreements with GM, Apple and U.S. defense customers. MP Gains 2% After Q3 Earnings Beat
• Neutral Sentiment: Analyst opinion is mixed: Freedom Broker upgraded the shares, while other coverage included a downgrade and Deutsche Bank lowered its price target to $40 from $53 but kept a Buy rating. Freedom Broker Upgrade Deutsche Bank Price Target

About MP Materials

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.