MP Materials (NYSE:MP) Shares Down 3.8%

MP Materials Corp. (NYSE:MP - Get Free Report) shares were down 3.8% during mid-day trading on Wednesday . The company traded as low as $16.88 and last traded at $16.88. Approximately 724,161 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 3,384,257 shares. The stock had previously closed at $17.54.

Analysts Set New Price Targets

Several brokerages recently commented on MP. Morgan Stanley boosted their price target on MP Materials from $13.50 to $16.00 and gave the company an "equal weight" rating in a research note on Thursday, September 19th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of MP Materials from $13.50 to $12.50 and set a "hold" rating on the stock in a research note on Tuesday, August 6th. Robert W. Baird increased their target price on shares of MP Materials from $20.00 to $25.00 and gave the stock an "outperform" rating in a research report on Friday, September 27th. Bank of America reduced their price target on shares of MP Materials from $25.00 to $24.00 and set a "buy" rating on the stock in a research report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of MP Materials from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Tuesday, July 23rd. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.85.

MP Materials Trading Down 3.3 %

The business's 50 day simple moving average is $13.45 and its 200-day simple moving average is $14.61. The company has a debt-to-equity ratio of 0.84, a current ratio of 6.90 and a quick ratio of 6.17. The stock has a market capitalization of $2.80 billion, a P/E ratio of -113.03 and a beta of 2.23.

MP Materials (NYSE:MP - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The company reported ($0.17) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.08). MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. The company had revenue of $31.26 million for the quarter, compared to analyst estimates of $40.03 million. During the same period last year, the firm earned $0.07 earnings per share. The firm's revenue for the quarter was down 51.2% on a year-over-year basis. As a group, analysts forecast that MP Materials Corp. will post -0.47 EPS for the current year.

MP Materials announced that its Board of Directors has authorized a share repurchase plan on Tuesday, September 3rd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 13.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, COO Michael Stuart Rosenthal bought 30,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was purchased at an average price of $10.84 per share, with a total value of $325,200.00. Following the completion of the purchase, the chief operating officer now owns 1,402,975 shares of the company's stock, valued at $15,208,249. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 12.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. State of Michigan Retirement System lifted its holdings in shares of MP Materials by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 35,400 shares of the company's stock valued at $506,000 after purchasing an additional 800 shares in the last quarter. Elkhorn Partners Limited Partnership boosted its holdings in shares of MP Materials by 15.9% in the first quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company's stock valued at $114,000 after buying an additional 1,100 shares during the period. Aurora Investment Counsel raised its holdings in shares of MP Materials by 1.7% during the second quarter. Aurora Investment Counsel now owns 66,153 shares of the company's stock worth $842,000 after acquiring an additional 1,122 shares during the period. Evergreen Capital Management LLC lifted its position in MP Materials by 8.2% in the 2nd quarter. Evergreen Capital Management LLC now owns 16,207 shares of the company's stock valued at $206,000 after acquiring an additional 1,228 shares in the last quarter. Finally, Private Advisor Group LLC boosted its stake in MP Materials by 0.4% in the 2nd quarter. Private Advisor Group LLC now owns 365,973 shares of the company's stock worth $4,659,000 after purchasing an additional 1,280 shares during the period. 52.55% of the stock is owned by institutional investors and hedge funds.

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.