MP Materials (NYSE:MP) Shares Gap Up – Still a Buy?

MP Materials Corp. (NYSE:MP)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $22.45, but opened at $24.04. MP Materials shares last traded at $24.13, with a volume of 979,259 shares changing hands.

Wall Street Analyst Weigh In

MP has been the topic of a number of research reports. BMO Capital Markets increased their price objective on MP Materials from $19.50 to $22.00 and gave the stock a “market perform” rating in a report on Monday, January 27th. Canaccord Genuity Group increased their price target on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.45.

MP Materials Stock Up 7.1 %

The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88. The firm’s fifty day moving average is $21.36 and its 200 day moving average is $18.62. The stock has a market cap of $3.92 billion, a P/E ratio of -40.80 and a beta of 2.32.

MP Materials (NYSE:MP) last posted its quarterly earnings data on Thursday, February 20th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.05). The business had revenue of $60.99 million for the quarter, compared to analyst estimates of $50.71 million. MP Materials had a negative return on equity of 8.44% and a negative net margin of 32.09%. As a group, equities research analysts forecast that MP Materials Corp. will post -0.19 EPS for the current year.

Insider Activity

In related news, CEO James H. Litinsky sold 386,223 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $24.01, for a total value of $9,273,214.23. Following the completion of the sale, the chief executive officer now owns 15,643,076 shares in the company, valued at approximately $375,590,254.76. This trade represents a 2.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On MP Materials

Several large investors have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC lifted its position in MP Materials by 40.3% in the fourth quarter. Quadrant Capital Group LLC now owns 2,441 shares of the company’s stock worth $38,000 after purchasing an additional 701 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of MP Materials in the 4th quarter valued at $40,000. Geneos Wealth Management Inc. lifted its holdings in shares of MP Materials by 205.4% during the 4th quarter. Geneos Wealth Management Inc. now owns 2,749 shares of the company’s stock worth $43,000 after acquiring an additional 1,849 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of MP Materials by 204.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,275 shares of the company’s stock valued at $51,000 after acquiring an additional 2,200 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in MP Materials by 69.3% in the fourth quarter. GAMMA Investing LLC now owns 3,775 shares of the company’s stock valued at $59,000 after acquiring an additional 1,545 shares during the period. Institutional investors and hedge funds own 52.55% of the company’s stock.

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.