MP Materials (NYSE:MP) Shares Gap Up to $12.73

MP Materials Corp. (NYSE:MP) shares gapped up prior to trading on Monday . The stock had previously closed at $12.73, but opened at $13.25. MP Materials shares last traded at $13.19, with a volume of 488,642 shares trading hands.

Wall Street Analyst Weigh In

MP has been the topic of a number of research analyst reports. Canaccord Genuity Group dropped their target price on shares of MP Materials from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, March 13th. JPMorgan Chase & Co. lowered MP Materials from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $20.00 to $16.00 in a research note on Tuesday, April 23rd. Morgan Stanley decreased their target price on MP Materials from $15.50 to $14.00 and set an “equal weight” rating on the stock in a report on Friday, June 21st. Bank of America cut their price target on MP Materials from $25.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, June 26th. Finally, Benchmark reiterated a “buy” rating and issued a $30.00 price objective on shares of MP Materials in a report on Tuesday, May 14th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, MP Materials currently has an average rating of “Moderate Buy” and a consensus price target of $23.50.

MP Materials Trading Up 3.6 %

The company has a quick ratio of 9.28, a current ratio of 10.29 and a debt-to-equity ratio of 0.82. The business has a fifty day simple moving average of $15.56 and a 200 day simple moving average of $16.10.

MP Materials (NYSE:MP) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.04). MP Materials had a net margin of 1.62% and a negative return on equity of 0.61%. The business had revenue of $48.68 million during the quarter, compared to analyst estimates of $46.00 million. Equities analysts forecast that MP Materials Corp. will post -0.28 earnings per share for the current fiscal year.

Insider Transactions at MP Materials

In other news, CFO Ryan Corbett sold 50,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $16.93, for a total transaction of $846,500.00. Following the completion of the sale, the chief financial officer now directly owns 325,021 shares in the company, valued at approximately $5,502,605.53. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other MP Materials news, CFO Ryan Corbett sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $16.93, for a total value of $846,500.00. Following the transaction, the chief financial officer now directly owns 325,021 shares of the company’s stock, valued at approximately $5,502,605.53. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Andrew A. Mcknight sold 317,750 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $18.07, for a total transaction of $5,741,742.50. Following the sale, the director now directly owns 86,000 shares of the company’s stock, valued at approximately $1,554,020. The disclosure for this sale can be found here. Insiders own 12.60% of the company’s stock.

Hedge Funds Weigh In On MP Materials

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in MP Materials by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company’s stock worth $198,216,000 after purchasing an additional 225,554 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of MP Materials by 15.2% in the 4th quarter. Van ECK Associates Corp now owns 3,122,224 shares of the company’s stock valued at $61,976,000 after acquiring an additional 411,771 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in shares of MP Materials by 26.2% during the 4th quarter. Baillie Gifford & Co. now owns 2,960,001 shares of the company’s stock valued at $58,756,000 after acquiring an additional 614,088 shares in the last quarter. Dimensional Fund Advisors LP grew its position in MP Materials by 59.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,314,985 shares of the company’s stock worth $45,956,000 after acquiring an additional 860,960 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in MP Materials by 2,536.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock worth $23,767,000 after purchasing an additional 1,598,861 shares in the last quarter. Institutional investors own 52.55% of the company’s stock.

MP Materials Company Profile

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.