MP Materials (NYSE:MP) CFO Ryan Corbett Sells 20,000 Shares of Stock

MP Materials Corp. (NYSE:MP) CFO Ryan Corbett sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $57.72, for a total transaction of $1,154,400.00. Following the sale, the chief financial officer directly owned 194,812 shares of the company’s stock, valued at $11,244,548.64. The trade was a 9.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

MP Materials Stock Up 8.8%

Shares of MP Materials stock opened at $63.68 on Thursday. The firm has a market cap of $11.29 billion, a P/E ratio of -89.69 and a beta of 2.26. The business has a 50-day moving average price of $68.92 and a 200 day moving average price of $53.71. The company has a quick ratio of 7.51, a current ratio of 8.05 and a debt-to-equity ratio of 0.47. MP Materials Corp. has a fifty-two week low of $15.56 and a fifty-two week high of $100.25.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.05. MP Materials had a negative return on equity of 7.69% and a negative net margin of 50.55%.The business had revenue of $53.55 million for the quarter, compared to analyst estimates of $49.72 million. During the same period in the prior year, the company posted ($0.12) EPS. The business’s revenue was down 14.9% compared to the same quarter last year. On average, sell-side analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MP Materials

A number of hedge funds have recently added to or reduced their stakes in the company. Hancock Prospecting Pty Ltd grew its position in MP Materials by 7.2% in the third quarter. Hancock Prospecting Pty Ltd now owns 14,861,212 shares of the company’s stock worth $996,741,000 after acquiring an additional 1,000,000 shares in the last quarter. Vanguard Group Inc. raised its position in shares of MP Materials by 2.7% during the third quarter. Vanguard Group Inc. now owns 14,020,574 shares of the company’s stock valued at $940,360,000 after buying an additional 363,975 shares during the last quarter. Caxton Associates LLP acquired a new position in MP Materials in the 2nd quarter valued at approximately $132,238,000. Invesco Ltd. grew its holdings 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 purchasing an additional 378,510 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of MP Materials by 76.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company’s stock valued at $97,200,000 after buying an additional 1,264,243 shares in the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on MP shares. Wall Street Zen downgraded MP Materials from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Jefferies Financial Group upgraded shares of MP Materials from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a report on Friday, August 1st. Benchmark reiterated a “buy” rating on shares of MP Materials in a research report on Friday, August 29th. Cfra Research raised MP Materials to a “moderate buy” rating in a research note on Monday, August 11th. Finally, Morgan Stanley set a $69.00 target price on shares of MP Materials in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, MP Materials currently has a consensus rating of “Moderate Buy” and an average target price of $78.82.

About MP Materials

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.