MP Materials (NYSE:MP) Trading Down 4.5% - Here's What Happened

MP Materials Corp. (NYSE:MP - Get Free Report)'s stock price fell 4.5% during mid-day trading on Wednesday . The stock traded as low as $23.29 and last traded at $23.37. 1,936,961 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 3,191,386 shares. The stock had previously closed at $24.47.

Analysts Set New Price Targets

A number of research analysts have recently commented on MP shares. JPMorgan Chase & Co. raised their target price on MP Materials from $15.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, October 21st. Canaccord Genuity Group boosted their target price on shares of MP Materials from $23.00 to $26.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. Finally, BMO Capital Markets upped their target price on shares of MP Materials from $19.50 to $22.00 and gave the stock a "market perform" rating in a research report on Monday, January 27th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, MP Materials has an average rating of "Moderate Buy" and an average price target of $22.45.

MP Materials Price Performance

The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93. The business's 50 day simple moving average is $19.72 and its two-hundred day simple moving average is $17.19.

MP Materials (NYSE:MP - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.04). The firm had revenue of $62.93 million for the quarter, compared to the consensus estimate of $45.30 million. MP Materials had a negative net margin of 32.24% and a negative return on equity of 6.78%. During the same period last year, the business earned $0.02 EPS. Equities research analysts expect that MP Materials Corp. will post -0.54 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO James H. Litinsky sold 386,223 shares of the firm's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $24.01, for a total transaction of $9,273,214.23. Following the sale, the chief executive officer now owns 15,643,076 shares of the company's stock, valued at $375,590,254.76. This trade represents a 2.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Ryan Corbett sold 35,000 shares of the business's stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $21.50, for a total transaction of $752,500.00. Following the transaction, the chief financial officer now directly owns 260,021 shares of the company's stock, valued at $5,590,451.50. The trade was a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,271,085 shares of company stock valued at $26,757,696. Corporate insiders own 12.60% of the company's stock.

Institutional Trading of MP Materials

Several large investors have recently modified their holdings of the company. Victory Capital Management Inc. boosted its position in MP Materials by 3.1% in the fourth quarter. Victory Capital Management Inc. now owns 2,432,389 shares of the company's stock worth $37,945,000 after purchasing an additional 73,297 shares during the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of MP Materials by 32.7% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company's stock worth $21,988,000 after purchasing an additional 306,933 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of MP Materials by 15.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,079,668 shares of the company's stock worth $16,843,000 after buying an additional 144,661 shares during the last quarter. Principal Financial Group Inc. grew its position in MP Materials by 48.7% during the fourth quarter. Principal Financial Group Inc. now owns 899,698 shares of the company's stock valued at $14,035,000 after buying an additional 294,806 shares during the period. Finally, Bernzott Capital Advisors increased its holdings in MP Materials by 43.4% during the third quarter. Bernzott Capital Advisors now owns 689,270 shares of the company's stock valued at $12,166,000 after buying an additional 208,586 shares during the last quarter. Institutional investors own 52.55% of the company's stock.

About MP Materials

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.