MP Materials (NYSE:MP) Stock: Insider Ryan Corbett Buys 5,476 Shares

MP Materials Corp. (NYSE:MP) CFO Ryan Corbett acquired 5,476 shares of MP Materials stock in a transaction that occurred on Tuesday, November 10th. The shares were purchased at an average cost of $36.25 per share, with a total value of $198,505.00. Following the purchase, the chief financial officer owned 114,493 shares of the company’s stock, valued at $4,150,371.25. This represents a 5.02% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

MP Materials Price Performance

MP Materials stock traded up $1.25 during midday trading on Friday, reaching $38.70. 7,891,761 shares of the stock were exchanged, compared to its average volume of 5,989,354. MP Materials Corp. has a 52 week low of $31.90 and a 52 week high of $76.80. The company has a debt-to-equity ratio of 0.48, a quick ratio of 6.04 and a current ratio of 6.75. The firm has a market cap of $6.90 billion, a PE ratio of -175.92 and a beta of 2.05. The company’s fifty day moving average is $43.92 and its 200-day moving average is $53.71.

MP Materials (NYSE:MP) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.06. The firm had revenue of $147.66 million during the quarter, compared to the consensus estimate of $117.37 million. MP Materials had a negative net margin of 9.90% and a negative return on equity of 0.05%. The business’s quarterly revenue was up 175.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.10) EPS. On average, sell-side analysts forecast that MP Materials Corp. will post -0.21 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Zacks Research lowered MP Materials from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 26th. Needham & Company LLC reduced their target price on MP Materials from $81.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, July 22nd. Freedom Broker upgraded MP Materials from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a research note on Tuesday, November 10th. DA Davidson reaffirmed a “buy” rating and issued a $82.00 price target on shares of MP Materials in a report on Monday, August 24th. Finally, JPMorgan Chase & Co. dropped their price target on MP Materials from $75.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat, MP Materials currently has a consensus rating of “Moderate Buy” and an average price target of $69.50.

Latest MP Materials News

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

• Positive Sentiment: Executives and a director disclosed more than $3.35 million in combined stock purchases, including the COO’s additional 5,000-share purchase. Insider buying may signal confidence in the company, following its start of saleable magnet shipments to General Motors. MP Materials insider purchases
• 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?

Hedge Funds Weigh In On MP Materials

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Kovack Advisors Inc. grew its stake in MP Materials by 120.9% in the 3rd quarter. Kovack Advisors Inc. now owns 22,634 shares of the company’s stock worth $1,050,000 after buying an additional 12,390 shares in the last quarter. Advisory Alpha LLC bought a new stake in shares of MP Materials during the 3rd quarter worth $256,000. Insigneo Advisory Services LLC grew its position in MP Materials by 168.0% in the third quarter. Insigneo Advisory Services LLC now owns 34,971 shares of the company’s stock worth $1,654,000 after acquiring an additional 21,923 shares in the last quarter. Bleakley Financial Group LLC grew its position in MP Materials by 2.2% in the third quarter. Bleakley Financial Group LLC now owns 29,275 shares of the company’s stock worth $1,384,000 after acquiring an additional 642 shares in the last quarter. Finally, Benjamin Edwards Inc. grew its position in MP Materials by 3.4% in the third quarter. Benjamin Edwards Inc. now owns 82,511 shares of the company’s stock worth $3,902,000 after acquiring an additional 2,713 shares in the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

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.