MP Materials (NYSE:MP) Stock Price Down 2.9% – Here’s Why

by · The Markets Daily

MP Materials Corp. (NYSE:MP – Get Free Report)’s share price traded down 2.9% during mid-day trading on Friday . The stock traded as low as $61.45 and last traded at $63.0220. 13,743,616 shares changed hands during trading, an increase of 28% from the average session volume of 10,761,902 shares. The stock had previously closed at $64.92.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. upped their price target on MP Materials from $18.00 to $64.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. Canaccord Genuity Group upped their price target on MP Materials from $64.00 to $77.00 and gave the stock a “buy” rating in a report on Friday, August 8th. Daiwa America upgraded MP Materials to a “strong-buy” rating in a report on Monday, September 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of MP Materials in a research note on Wednesday, October 8th. Finally, Benchmark restated a “buy” rating on shares of MP Materials in a research note on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.80.

Get Our Latest Stock Report on MP Materials

MP Materials Price Performance

The stock has a market cap of $11.16 billion, a P/E ratio of -100.03 and a beta of 2.32. The company has a debt-to-equity ratio of 0.83, a quick ratio of 3.12 and a current ratio of 3.60. The business has a 50 day simple moving average of $71.31 and a 200-day simple moving average of $50.66.

MP Materials (NYSE:MP – Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.03. The firm had revenue of $57.39 million during the quarter, compared to the consensus estimate of $44.84 million. MP Materials had a negative return on equity of 9.34% and a negative net margin of 41.87%.The business’s revenue for the quarter was up 83.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.17) EPS. On average, sell-side analysts forecast that MP Materials Corp. will post -0.19 EPS for the current year.

Insider Buying and Selling at MP Materials

In other news, COO Michael Stuart Rosenthal sold 150,000 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $72.02, for a total transaction of $10,803,000.00. Following the completion of the transaction, the chief operating officer owned 1,284,409 shares in the company, valued at approximately $92,503,136.18. This represents a 10.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 9.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of MP Materials by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 13,662,567 shares of the company’s stock worth $333,503,000 after acquiring an additional 942,105 shares during the period. Caxton Associates LLP bought a new position in shares of MP Materials during the 2nd quarter worth $132,238,000. Invesco Ltd. grew its stake in shares of MP Materials by 14.3% during the 2nd quarter. Invesco Ltd. now owns 3,033,612 shares of the company’s stock worth $100,928,000 after acquiring an additional 378,510 shares during the period. BNP Paribas Financial Markets grew its stake in shares of MP Materials by 76.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company’s stock worth $97,200,000 after acquiring an additional 1,264,243 shares during the period. Finally, National Bank of Canada FI grew its stake in shares of MP Materials by 19,314.3% during the 2nd quarter. National Bank of Canada FI now owns 2,013,462 shares of the company’s stock worth $66,987,000 after acquiring an additional 2,003,091 shares during the period. Institutional investors own 52.55% of the company’s stock.

MP Materials Company Profile

(Get Free Report)

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.

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