MP Materials (NYSE:MP) Stock: Insider Randall Weisenburger Buys 55,000 Shares

MP Materials Corp. (NYSE:MP) Director Randall Weisenburger bought 55,000 shares of the firm’s stock in a transaction on Tuesday, November 10th. The stock was bought at an average price of $36.00 per share, with a total value of $1,980,000.00. Following the completion of the purchase, the director owned 205,899 shares of the company’s stock, valued at $7,412,364. This trade represents a 36.45% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website.

MP Materials Stock Up 3.3%

NYSE:MP opened at $38.70 on Friday. The firm has a market capitalization of $6.90 billion, a PE ratio of -175.92 and a beta of 2.05. The stock has a 50 day moving average of $43.92 and a 200-day moving average of $53.71. MP Materials Corp. has a 52 week low of $31.90 and a 52 week high of $76.80. The company has a current ratio of 6.75, a quick ratio of 6.04 and a debt-to-equity ratio of 0.48.

MP Materials (NYSE:MP) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.06. MP Materials had a negative return on equity of 0.05% and a negative net margin of 9.90%. The business had revenue of $147.66 million for the quarter, compared to analysts’ expectations of $117.37 million. During the same period in the prior year, the firm earned ($0.10) EPS. The business’s quarterly revenue was up 175.7% on a year-over-year basis. Analysts predict that MP Materials Corp. will post -0.21 EPS for the current year.

Hedge Funds Weigh In On MP Materials

Several hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp grew its holdings in MP Materials by 12.1% in the 3rd quarter. State Street Corp now owns 8,717,104 shares of the company’s stock worth $412,232,000 after buying an additional 943,358 shares in the last quarter. Voya Investment Management LLC raised its stake in MP Materials by 72.4% during the 3rd 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 in the last quarter. Bank of New York Mellon Corp acquired a new position in MP Materials during the 2nd quarter worth $65,230,000. Principal Financial Group Inc. boosted its position in MP Materials by 32.4% during the 1st quarter. Principal Financial Group Inc. now owns 919,083 shares of the company’s stock worth $44,355,000 after acquiring an additional 225,009 shares during the period. Finally, Alps Advisors Inc. boosted its position in MP Materials by 26.0% during the 3rd quarter. Alps Advisors Inc. now owns 763,110 shares of the company’s stock worth $36,087,000 after acquiring an additional 157,272 shares during the period. 52.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on MP. Weiss Ratings reiterated a “sell (d-)” rating on shares of MP Materials in a research note on Thursday, October 15th. Zacks Research downgraded shares of MP Materials from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 26th. Freedom Broker upgraded shares of MP Materials from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a research report on Tuesday. Barclays dropped their price objective on shares of MP Materials from $65.00 to $54.00 and set an “overweight” rating on the stock in a report on Monday, November 9th. Finally, Canaccord Genuity Group dropped their price objective on shares of MP Materials from $82.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, November 9th. One equities research 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $69.50.

More MP Materials News

These are some of the MP news items that stood out recently:

• Positive Sentiment: Third-quarter revenue rose 176%, driven by higher NdPr prices, increased sales volumes and heavy rare earth sales. The company also beat earnings expectations, giving investors evidence of improving demand and execution. MP’s Q3 Revenues Jump 176%
• Positive Sentiment: Call-option trading was unusually active, with volume about 64% above its typical level, suggesting increased speculative interest in potential gains.
• Neutral Sentiment: The key question is whether the sharp revenue growth can be sustained; it depends in part on rare-earth prices and continued sales growth. Can Q3 growth be sustained?

About MP Materials

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.