MP Materials (NYSE:MP) Issues Quarterly Earnings Results

MP Materials (NYSE:MP) posted its quarterly earnings data on Thursday. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.08), Briefing.com reports. MP Materials had a negative return on equity of 4.13% and a negative net margin of 21.94%. The firm had revenue of $31.26 million for the quarter, compared to analysts’ expectations of $40.03 million. During the same quarter in the previous year, the firm posted $0.07 earnings per share. The company’s revenue for the quarter was down 51.2% on a year-over-year basis.

MP Materials Price Performance

NYSE MP traded down $1.51 on Friday, reaching $11.17. The company’s stock had a trading volume of 8,501,127 shares, compared to its average volume of 2,108,821. The firm has a market cap of $1.85 billion, a PE ratio of -74.47 and a beta of 2.22. The business has a 50-day moving average price of $14.25 and a 200 day moving average price of $15.28. MP Materials has a 52 week low of $10.94 and a 52 week high of $24.44. The company has a current ratio of 10.29, a quick ratio of 9.28 and a debt-to-equity ratio of 0.82.

Analysts Set New Price Targets

Several equities analysts have weighed in on MP shares. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of MP Materials from $17.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, April 11th. BMO Capital Markets began coverage on shares of MP Materials in a research note on Monday, July 15th. They issued a “market perform” rating and a $16.50 price objective for the company. JPMorgan Chase & Co. reduced their price objective on shares of MP Materials from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. Robert W. Baird reduced their price objective on shares of MP Materials from $24.00 to $20.00 and set an “outperform” rating for the company in a research note on Monday, July 15th. Finally, Bank of America reduced their price objective on shares of MP Materials from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, June 26th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.50.

Insider Activity at MP Materials

In other MP Materials news, CFO Ryan Corbett sold 50,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $16.93, for a total transaction of $846,500.00. Following the sale, the chief financial officer now directly owns 325,021 shares of the company’s stock, valued at $5,502,605.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other MP Materials news, Director Andrew A. Mcknight sold 317,750 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $18.07, for a total transaction of $5,741,742.50. Following the sale, the director now directly owns 86,000 shares of the company’s stock, valued at $1,554,020. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Ryan Corbett sold 50,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $16.93, for a total transaction of $846,500.00. Following the sale, the chief financial officer now directly owns 325,021 shares in the company, valued at $5,502,605.53. The disclosure for this sale can be found here. 12.60% of the stock is currently owned by insiders.

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.