MP Materials (NYSE:MP) Announces Earnings Results

MP Materials (NYSE:MP – Get Rating) released its earnings results on Thursday. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.10, Briefing.com reports. MP Materials had a return on equity of 21.91% and a net margin of 46.66%. The company had revenue of $143.50 million for the quarter, compared to the consensus estimate of $128.75 million. During the same quarter last year, the business posted $0.15 EPS. MP Materials’s quarterly revenue was up 96.3% compared to the same quarter last year.

MP Materials Stock Up 9.8 %

Shares of MP stock traded up $3.42 on Friday, reaching $38.48. 3,359,410 shares of the company’s stock traded hands, compared to its average volume of 2,930,986. MP Materials has a 12-month low of $27.48 and a 12-month high of $60.19. The company has a debt-to-equity ratio of 0.62, a quick ratio of 24.76 and a current ratio of 25.52. The company has a market capitalization of $6.83 billion, a P/E ratio of 35.30, a price-to-earnings-growth ratio of 1.69 and a beta of 2.93. The business’s 50 day moving average price is $33.71 and its two-hundred day moving average price is $39.91.

Insider Activity at MP Materials

In related news, Director Financial Lp Qvt sold 241,632 shares of MP Materials stock in a transaction on Friday, May 27th. The stock was sold at an average price of $40.20, for a total transaction of $9,713,606.40. Following the completion of the sale, the director now owns 1,388,063 shares of the company’s stock, valued at $55,800,132.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Randall J. Weisenburger purchased 30,000 shares of MP Materials stock in a transaction on Thursday, June 16th. The stock was bought at an average price of $33.25 per share, with a total value of $997,500.00. Following the completion of the transaction, the director now directly owns 146,901 shares of the company’s stock, valued at $4,884,458.25. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Financial Lp Qvt sold 241,632 shares of the business’s stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $40.20, for a total value of $9,713,606.40. Following the completion of the sale, the director now directly owns 1,388,063 shares of the company’s stock, valued at approximately $55,800,132.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 535,289 shares of company stock valued at $21,550,078. Insiders own 49.70% of the company’s stock.

Institutional Trading of MP Materials

Institutional investors and hedge funds have recently made changes to their positions in the stock. Envestnet Asset Management Inc. increased its stake in shares of MP Materials by 11.3% in the second quarter. Envestnet Asset Management Inc. now owns 13,536 shares of the company’s stock worth $434,000 after purchasing an additional 1,377 shares during the period. Walleye Capital LLC increased its stake in shares of MP Materials by 34.9% in the first quarter. Walleye Capital LLC now owns 25,204 shares of the company’s stock worth $1,445,000 after purchasing an additional 6,523 shares during the period. Continuum Advisory LLC bought a new position in shares of MP Materials in the first quarter worth about $314,000. Advisors Asset Management Inc. increased its stake in shares of MP Materials by 187.0% in the first quarter. Advisors Asset Management Inc. now owns 8,147 shares of the company’s stock worth $467,000 after purchasing an additional 5,308 shares during the period. Finally, Point72 Hong Kong Ltd bought a new position in shares of MP Materials in the first quarter worth about $118,000. Institutional investors and hedge funds own 74.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Canaccord Genuity Group assumed coverage on MP Materials in a report on Wednesday, July 13th. They issued a “buy” rating and a $44.00 price target on the stock. Deutsche Bank Aktiengesellschaft raised their price target on MP Materials from $37.00 to $45.00 in a report on Thursday, May 5th. BMO Capital Markets assumed coverage on MP Materials in a report on Tuesday, May 31st. They issued an “outperform” rating and a $50.00 price target on the stock. Morgan Stanley raised their price target on MP Materials from $42.00 to $46.00 and gave the stock an “overweight” rating in a report on Tuesday, June 7th. Finally, Robert W. Baird lifted their target price on MP Materials from $45.00 to $55.00 in a research note on Friday. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $50.25.

MP Materials Company Profile

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MP Materials Corp. owns and operates rare earth mining and processing facilities. It owns and operates the Mountain Pass Rare Earth mine located in the Western Hemisphere. The company 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.