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

MP Materials Corp. (NYSE:MP) CFO Ryan Corbett sold 20,000 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $57.72, for a total transaction of $1,154,400.00. Following the sale, the chief financial officer owned 194,812 shares in the company, valued at approximately $11,244,548.64. This trade represents 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 Trading Up 8.8%

Shares of MP Materials stock traded up $5.17 during trading on Wednesday, reaching $63.68. The company’s stock had a trading volume of 20,406,979 shares, compared to its average volume of 13,421,621. 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 52-week low of $15.56 and a 52-week high of $100.25. The firm’s 50-day moving average is $68.92 and its two-hundred day moving average is $53.71. The company has a market cap of $11.29 billion, a price-to-earnings ratio of -89.69 and a beta of 2.26.

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, topping the consensus estimate of ($0.15) by $0.05. The business had revenue of $53.55 million for the quarter, compared to analyst estimates of $49.72 million. MP Materials had a negative return on equity of 7.69% and a negative net margin of 50.55%.MP Materials’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same period last year, the company earned ($0.12) EPS. On average, sell-side analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current year.

Hedge Funds Weigh In On MP Materials

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ballentine Partners LLC bought a new stake in MP Materials in the 2nd quarter worth approximately $241,000. Strs Ohio bought a new position in shares of MP Materials during the 1st quarter valued at approximately $687,000. Exchange Traded Concepts LLC bought a new position in shares of MP Materials during the 2nd quarter valued at approximately $7,479,000. Cutler Investment Counsel LLC purchased a new position in shares of MP Materials in the second quarter valued at $287,000. Finally, Stonehage Fleming Financial Services Holdings Ltd bought a new stake in MP Materials in the second quarter worth $491,000. 52.55% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Benchmark reaffirmed a “buy” rating on shares of MP Materials in a research note on Friday, August 29th. Daiwa America upgraded shares of MP Materials to a “strong-buy” rating in a report on Monday, September 22nd. 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. The Goldman Sachs Group began coverage on shares of MP Materials in a research report on Wednesday. They issued a “buy” rating and a $77.00 target price for the company. Finally, Robert W. Baird boosted their price target on shares of MP Materials from $52.00 to $69.00 and gave the company an “outperform” rating in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, MP Materials has a consensus rating of “Moderate Buy” and an average price target of $78.82.

MP Materials Company Profile

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.