Key Points
- Director Randall Weisenburger bought 55,000 MP Materials shares at $36 each, investing $1.98 million and increasing his stake by 36.45% to 205,899 shares.
- MP Materials’ latest quarter beat expectations: earnings were $0.04 per share versus a consensus loss of $0.02, while revenue rose 175.7% year over year to $147.66 million.
- Analysts hold a “Moderate Buy” consensus rating, with an average price target of $69.50; shares opened at $37.49 and traded within a 52-week range of $31.90–$76.80.
MP Materials Corp. (NYSE:MP - Get Free Report) Director Randall Weisenburger bought 55,000 shares of MP Materials stock in a transaction that occurred on Tuesday, November 10th. The shares were acquired at an average cost of $36.00 per share, for a total transaction of $1,980,000.00. Following the acquisition, the director owned 205,899 shares in the company, valued at $7,412,364. The trade was a 36.45% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.
MP Materials Price Performance
Shares of NYSE:MP opened at $37.49 on Friday. The stock has a market cap of $6.68 billion, a PE ratio of -170.39 and a beta of 2.05. The company's fifty day moving average is $44.22 and its 200 day moving average is $53.85. MP Materials Corp. has a 52 week low of $31.90 and a 52 week high of $76.80. The company has a quick ratio of 6.04, a current ratio of 6.75 and a debt-to-equity ratio of 0.48.
MP Materials (NYSE:MP - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.06. MP Materials had a negative net margin of 9.90% and a negative return on equity of 0.05%. The business had revenue of $147.66 million during the quarter, compared to the consensus estimate of $117.37 million. During the same period in the previous year, the firm posted ($0.10) earnings per share. The firm's revenue for the quarter was up 175.7% on a year-over-year basis. Research analysts anticipate that MP Materials Corp. will post -0.21 earnings per share for the current year.
Key MP Materials News
Here's some of the latest news about MP:
- 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
- Positive Sentiment: Some investors have favored MP over smaller critical-minerals names, viewing it as a leading U.S. rare-earth producer with established revenue. Traders Pick Winners Among Critical-Minerals Stocks
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on MP shares. Zacks Research lowered MP Materials from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 26th. 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 research report on Monday. DA Davidson restated a "buy" rating and set a $82.00 price target on shares of MP Materials in a research report on Monday, August 24th. Needham & Company LLC decreased their price target on MP Materials from $81.00 to $73.00 and set a "buy" rating on the stock in a research note on Wednesday, July 22nd. Finally, Freedom Broker upgraded MP Materials from a "hold" rating to a "buy" rating and set a $51.00 price objective for the company in a research report on Tuesday. One investment 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 MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $69.50.
View Our Latest Stock Report on MP Materials
Institutional Investors Weigh In On MP Materials
Institutional investors have recently added to or reduced their stakes in the company. State Street Corp grew its holdings in MP Materials by 5.1% in the 2nd quarter. State Street Corp now owns 7,773,746 shares of the company's stock worth $435,408,000 after acquiring an additional 376,519 shares during the last quarter. Voya Investment Management LLC raised its stake in shares of MP Materials by 72.4% during 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. Bank of New York Mellon Corp purchased a new stake in shares of MP Materials during the second quarter worth about $65,230,000. Principal Financial Group Inc. boosted its holdings in shares of MP Materials by 32.4% during the first quarter. Principal Financial Group Inc. now owns 919,083 shares of the company's stock worth $44,355,000 after purchasing an additional 225,009 shares during the period. Finally, Alps Advisors Inc. boosted its holdings in shares of MP Materials by 26.0% during the third quarter. Alps Advisors Inc. now owns 763,110 shares of the company's stock worth $36,087,000 after purchasing an additional 157,272 shares during the period. Hedge funds and other institutional investors own 52.55% of the company's stock.
About MP Materials
(
Get Free Report)
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.
Further Reading
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