MP Materials (NYSE:MP) Stock Price Up 3.6% – Here’s Why

MP Materials Corp. (NYSE:MPGet Free Report)’s stock price rose 3.6% during mid-day trading on Monday . The stock traded as high as $60.50 and last traded at $60.3520. Approximately 4,672,915 shares traded hands during trading, a decline of 43% from the average daily volume of 8,193,033 shares. The stock had previously closed at $58.23.

Trending Headlines about MP Materials

Here are the key news stories impacting MP Materials this week:

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MP. TD Securities upgraded MP Materials to a “strong-buy” rating in a research note on Monday, February 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a research report on Thursday, January 22nd. Morgan Stanley upgraded shares of MP Materials from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $68.50 to $71.00 in a research note on Friday, December 5th. BMO Capital Markets raised shares of MP Materials from a “market perform” rating to an “outperform” rating and dropped their target price for the stock from $76.00 to $75.00 in a research report on Monday, November 24th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $82.00 price target on shares of MP Materials in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, MP Materials presently has a consensus rating of “Buy” and a consensus target price of $78.91.

View Our Latest Analysis on MP Materials

MP Materials Trading Up 1.1%

The stock has a 50-day moving average of $61.18 and a 200 day moving average of $63.60. The company has a quick ratio of 6.67, a current ratio of 7.24 and a debt-to-equity ratio of 0.47. The stock has a market cap of $11.04 billion, a PE ratio of -119.76 and a beta of 1.55.

Insider Activity at MP Materials

In other news, CEO James H. Litinsky sold 272,600 shares of the stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $64.17, for a total value of $17,492,742.00. Following the sale, the chief executive officer owned 12,805,965 shares in the company, valued at $821,758,774.05. This represents a 2.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On MP Materials

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its stake in shares of MP Materials by 26.5% in the first quarter. Royal Bank of Canada now owns 234,185 shares of the company’s stock worth $5,716,000 after buying an additional 49,052 shares during the last quarter. AQR Capital Management LLC purchased a new position in MP Materials during the first quarter valued at approximately $215,000. Integrated Wealth Concepts LLC purchased a new position in MP Materials during the first quarter valued at approximately $219,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in MP Materials by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,793 shares of the company’s stock valued at $265,000 after acquiring an additional 479 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in MP Materials by 36.0% in the first quarter. Goldman Sachs Group Inc. now owns 193,943 shares of the company’s stock valued at $4,734,000 after acquiring an additional 51,348 shares during the period. 52.55% of the stock is owned by hedge funds and other institutional investors.

About MP Materials

(Get Free Report)

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.

Further Reading

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