MP Materials (NYSE:MP) Trading Up 4.9% – Here’s What Happened

by · The Markets Daily

MP Materials Corp. (NYSE:MPGet Free Report)’s stock price was up 4.9% during mid-day trading on Tuesday . The stock traded as high as $58.73 and last traded at $58.4260. Approximately 4,804,061 shares were traded during trading, a decline of 45% from the average daily volume of 8,727,797 shares. The stock had previously closed at $55.70.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. The Goldman Sachs Group started coverage on MP Materials in a research note on Wednesday, November 19th. They set a “buy” rating and a $77.00 price target on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of MP Materials from a “hold” rating to a “buy” rating and lifted their target price for the stock from $68.00 to $71.00 in a research report on Monday, November 10th. TD Securities raised shares of MP Materials to a “strong-buy” rating in a research note on Monday, February 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MP Materials in a report on Thursday, January 22nd. Finally, BMO Capital Markets upgraded MP Materials from a “market perform” rating to an “outperform” rating and reduced their target price for the company from $76.00 to $75.00 in a report on Monday, November 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, MP Materials presently has an average rating of “Buy” and an average target price of $78.91.

View Our Latest Research Report on MP

MP Materials Price Performance

The business has a 50-day moving average price of $59.65 and a two-hundred day moving average price of $64.54. The company has a quick ratio of 7.51, a current ratio of 8.05 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $10.35 billion, a price-to-earnings ratio of -82.29 and a beta of 1.60.

Insider Transactions at MP Materials

In other MP Materials news, CFO Ryan Corbett sold 38,146 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $60.00, for a total transaction of $2,288,760.00. Following the completion of the sale, the chief financial officer directly owned 156,666 shares of the company’s stock, valued at approximately $9,399,960. The trade was a 19.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO James H. Litinsky sold 385,000 shares of the stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $62.94, for a total transaction of $24,231,900.00. Following the completion of the sale, the chief executive officer owned 13,105,965 shares of the company’s stock, valued at approximately $824,889,437.10. This represents a 2.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 723,146 shares of company stock valued at $45,767,276 in the last quarter. Company insiders own 12.60% of the company’s stock.

Hedge Funds Weigh In On MP Materials

Several institutional investors have recently bought and sold shares of the company. Sound Income Strategies LLC lifted its stake in shares of MP Materials by 420.0% during the 3rd quarter. Sound Income Strategies LLC now owns 364 shares of the company’s stock valued at $26,000 after buying an additional 294 shares in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of MP Materials during the fourth quarter worth $26,000. REAP Financial Group LLC bought a new position in shares of MP Materials in the fourth quarter worth $26,000. Financial Consulate Inc. grew its position in shares of MP Materials by 555.3% in the fourth quarter. Financial Consulate Inc. now owns 557 shares of the company’s stock valued at $28,000 after purchasing an additional 472 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of MP Materials during the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 52.55% of the company’s stock.

About MP Materials

(Get Free Report)

MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.

The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.

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