MP Materials (NYSE:MP) CFO Purchases $198,505.00 in Stock

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

MP Materials Stock Up 3.3%

MP stock traded up $1.25 during trading on Friday, reaching $38.70. The stock had a trading volume of 7,891,761 shares, compared to its average volume of 5,989,354. The company has a current ratio of 6.75, a quick ratio of 6.04 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average price of $43.92 and a 200 day moving average price of $53.71. The company has a market capitalization of $6.90 billion, a P/E ratio of -175.92 and a beta of 2.05. MP Materials Corp. has a 1-year low of $31.90 and a 1-year high of $76.80.

MP Materials (NYSE:MP) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.06. The company had revenue of $147.66 million during the quarter, compared to analysts’ expectations of $117.37 million. MP Materials had a negative net margin of 9.90% and a negative return on equity of 0.05%. The firm’s revenue for the quarter was up 175.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.10) EPS. On average, equities analysts anticipate that MP Materials Corp. will post -0.21 earnings per share for the current year.

Top MP Materials Stories

These are some of the MP stories that stood out recently:

• Positive Sentiment: Third-quarter revenue rose 176%, driven by higher NdPr prices, increased sales volumes and heavy rare earth sales. The company also beat earnings expectations, giving investors evidence of improving demand and execution. MP’s Q3 Revenues Jump 176%
• 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
• Negative Sentiment: Commentary cautions that a high valuation and rising costs could constrain the investment case, despite the earnings beat and commercial progress.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MP. Toth Financial Advisory Corp increased its position in shares of MP Materials by 73.3% in the 2nd quarter. Toth Financial Advisory Corp now owns 520 shares of the company’s stock worth $29,000 after purchasing an additional 220 shares during the last quarter. GW&K Investment Management LLC acquired a new stake in shares of MP Materials in the 3rd quarter valued at about $30,000. Mather Group LLC. raised its stake in shares of MP Materials by 390.6% in the 3rd quarter. Mather Group LLC. now owns 682 shares of the company’s stock valued at $32,000 after purchasing an additional 543 shares in the last quarter. Markowski Investments bought a new position in shares of MP Materials during the second quarter worth about $43,000. Finally, MADDEN SECURITIES Corp bought a new position in shares of MP Materials during the third quarter worth about $46,000. 52.55% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MP has been the subject of a number of analyst reports. Canaccord Genuity Group reduced their price target on MP Materials from $82.00 to $70.00 and set a “buy” rating for the company in a report on Monday, November 9th. Barclays dropped their price objective on MP Materials from $65.00 to $54.00 and set an “overweight” rating on the stock in a report on Monday, November 9th. Weiss Ratings restated a “sell (d-)” rating on shares of MP Materials in a report on Thursday, October 15th. DA Davidson reaffirmed a “buy” rating and issued a $82.00 target price on shares of MP Materials in a research report on Monday, August 24th. Finally, Zacks Research cut MP Materials from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 26th. One equities research 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 company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $69.50.

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.