MP Materials (NYSE:MP) Shares Climb 1.2% – Here’s What Happened

MP Materials Corp. (NYSE:MP) shares were up 1.2% during mid-day trading on Wednesday. The company traded as high as $39.86 and last traded at $39.5120. 2,829,844 shares traded hands during trading, a decline of 56% from the average daily volume of 6,380,240 shares. The stock had previously closed at $39.05.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MP. Zacks Research lowered shares of MP Materials from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 26th. Wall Street Zen downgraded shares of MP Materials from a “hold” rating to a “sell” rating in a report on Sunday, October 11th. Freedom Broker began coverage on MP Materials in a research report on Wednesday, September 16th. They set a “hold” rating and a $57.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a research note on Thursday, October 15th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of MP Materials in a report on Tuesday, September 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $71.92.

MP Materials Stock Up 1.2%

The company has a debt-to-equity ratio of 0.48, a quick ratio of 8.56 and a current ratio of 9.51. The stock has a market cap of $7.04 billion, a price-to-earnings ratio of -116.21 and a beta of 1.98. The business’s 50 day moving average is $50.62 and its 200 day moving average is $54.49.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). MP Materials had a negative return on equity of 1.21% and a negative net margin of 19.85%. The firm had revenue of $108.49 million during the quarter, compared to the consensus estimate of $96.89 million. During the same period in the prior year, the business earned ($0.13) EPS. The business’s revenue for the quarter was up 89.0% on a year-over-year basis. Equities analysts expect that MP Materials Corp. will post -0.20 earnings per share for the current year.

Institutional Investors Weigh In On MP Materials

Several institutional investors have recently made changes to their positions in MP. Strengthening Families & Communities LLC raised its holdings in shares of MP Materials by 3.7% during the 3rd quarter. Strengthening Families & Communities LLC now owns 47,498 shares of the company’s stock valued at $2,246,000 after purchasing an additional 1,700 shares in the last quarter. Pinnacle Associates Ltd. boosted its position in shares of MP Materials by 31.3% in the third quarter. Pinnacle Associates Ltd. now owns 463,306 shares of the company’s stock valued at $21,910,000 after acquiring an additional 110,437 shares during the period. Investors Asset Management of Georgia Inc. GA ADV boosted its holdings in MP Materials by 11.6% in the 3rd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 18,725 shares of the company’s stock valued at $886,000 after purchasing an additional 1,950 shares during the period. New Wave Wealth Advisors LLC grew its position in MP Materials by 143.5% during the third quarter. New Wave Wealth Advisors LLC now owns 18,921 shares of the company’s stock worth $895,000 after buying an additional 11,151 shares in the last quarter. Finally, IFP Advisors Inc raised its stake in shares of MP Materials by 17.6% in the third quarter. IFP Advisors Inc now owns 47,842 shares of the company’s stock valued at $2,262,000 after purchasing an additional 7,166 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

MP Materials Company Profile

MP Materials Corp. is a rare earth materials company focused on restoring and expanding a fully integrated rare earth supply chain in the United States. The company owns and operates the Mountain Pass rare earth mine and processing facility in California, one of the largest rare earth production sites in the Western Hemisphere.

MP Materials primarily produces rare earth concentrate containing neodymium and praseodymium, elements used in high-strength permanent magnets. These magnets are important components in electric vehicles, wind turbines, robotics, defense systems, and other advanced technologies.