MP Materials (NYSE:MP) Stock Price Up 1% – Here’s Why

Shares of MP Materials Corp. (NYSE:MP) were up 1% on Thursday . The stock traded as high as $59.00 and last traded at $58.5450. Approximately 3,133,545 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 9,085,369 shares. The stock had previously closed at $57.94.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MP. Deutsche Bank Aktiengesellschaft upgraded MP Materials from a “hold” rating to a “buy” rating and lifted their price objective for the company from $68.00 to $71.00 in a report on Monday, November 10th. BMO Capital Markets upgraded shares of MP Materials from a “market perform” rating to an “outperform” rating and reduced their price target for the company from $76.00 to $75.00 in a report on Monday, November 24th. William Blair initiated coverage on shares of MP Materials in a research note on Tuesday, January 13th. They set an “outperform” rating on the stock. DA Davidson reissued a “buy” rating and set a $82.00 price objective on shares of MP Materials in a report on Wednesday. Finally, Wall Street Zen lowered MP Materials from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, MP Materials presently has an average rating of “Buy” and an average target price of $78.91.

MP Materials Stock Up 1.0%

The company has a debt-to-equity ratio of 0.47, a quick ratio of 7.51 and a current ratio of 8.05. The firm has a market capitalization of $10.38 billion, a P/E ratio of -82.46 and a beta of 1.60. The business’s fifty day moving average price is $59.66 and its two-hundred day moving average price is $64.80.

Insiders Place Their Bets

In related news, CEO James H. Litinsky sold 385,000 shares of the company’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $62.94, for a total transaction of $24,231,900.00. Following the transaction, the chief executive officer directly owned 13,105,965 shares of the company’s stock, valued at $824,889,437.10. This represents a 2.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Ryan Corbett sold 38,146 shares of the firm’s stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $60.00, for a total value of $2,288,760.00. Following the completion of the sale, the chief financial officer directly owned 156,666 shares of the company’s stock, valued at approximately $9,399,960. This represents a 19.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 723,146 shares of company stock worth $45,767,276. Insiders own 9.50% of the company’s stock.

Hedge Funds Weigh In On MP Materials

Several hedge funds and other institutional investors have recently modified their holdings of MP. Sound Income Strategies LLC grew its position in MP Materials by 420.0% during the 3rd quarter. Sound Income Strategies LLC now owns 364 shares of the company’s stock worth $26,000 after purchasing an additional 294 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of MP Materials during the fourth quarter worth $26,000. REAP Financial Group LLC purchased a new stake in shares of MP Materials during the fourth quarter valued at $26,000. Financial Consulate Inc. increased its position in shares of MP Materials by 555.3% in the 4th quarter. Financial Consulate Inc. now owns 557 shares of the company’s stock valued at $28,000 after acquiring an additional 472 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in MP Materials in the 4th quarter worth $28,000. 52.55% of the stock is owned by hedge funds and other institutional investors.

MP Materials Company Profile

MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.

The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.