MP Materials Corp. (NYSE:MP) Sees Significant Decrease in Short Interest

MP Materials Corp. (NYSE:MPGet Rating) was the recipient of a large decrease in short interest in August. As of August 31st, there was short interest totalling 11,360,000 shares, a decrease of 10.0% from the August 15th total of 12,620,000 shares. Based on an average daily trading volume, of 2,600,000 shares, the days-to-cover ratio is presently 4.4 days. Approximately 8.4% of the company’s shares are short sold.

Insiders Place Their Bets

In related news, Director Daniel Allen Gold sold 250,000 shares of the firm’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $39.49, for a total value of $9,872,500.00. Following the transaction, the director now owns 1,302,031 shares in the company, valued at $51,417,204.19. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other MP Materials news, Director Daniel Allen Gold sold 250,000 shares of the company’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $39.49, for a total transaction of $9,872,500.00. Following the completion of the sale, the director now owns 1,302,031 shares in the company, valued at approximately $51,417,204.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James H. Litinsky sold 4,000,000 shares of the stock in a transaction on Monday, August 8th. The shares were sold at an average price of $37.75, for a total value of $151,000,000.00. Following the completion of the transaction, the chief executive officer now directly owns 8,603,411 shares in the company, valued at approximately $324,778,765.25. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,084,016 shares of company stock valued at $190,276,278. 41.30% of the stock is currently owned by corporate insiders.

Institutional Trading of MP Materials

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Private Capital Group LLC acquired a new stake in MP Materials during the 1st quarter valued at $27,000. ACG Wealth acquired a new position in MP Materials in the 2nd quarter valued at about $38,000. Elequin Capital LP acquired a new position in shares of MP Materials in the first quarter valued at approximately $45,000. Stonebridge Capital Advisors LLC increased its stake in shares of MP Materials by 645.2% during the fourth quarter. Stonebridge Capital Advisors LLC now owns 1,155 shares of the company’s stock worth $52,000 after purchasing an additional 1,000 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in MP Materials during the 2nd quarter worth approximately $52,000. 71.49% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MP has been the topic of a number of recent analyst reports. Morgan Stanley reduced their price target on shares of MP Materials from $46.00 to $45.50 and set an “overweight” rating on the stock in a research report on Friday. Northland Securities reiterated an “outperform” rating and issued a $60.00 price objective on shares of MP Materials in a research report on Monday, June 6th. BMO Capital Markets started coverage on shares of MP Materials in a report on Tuesday, May 31st. They set an “outperform” rating and a $50.00 target price on the stock. Robert W. Baird increased their price objective on shares of MP Materials from $45.00 to $55.00 in a research report on Friday, August 5th. Finally, Canaccord Genuity Group assumed coverage on MP Materials in a report on Wednesday, July 13th. They issued a “buy” rating on the stock. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $50.19.

MP Materials Price Performance

Shares of NYSE MP opened at $31.38 on Monday. The company has a debt-to-equity ratio of 0.58, a current ratio of 20.39 and a quick ratio of 19.75. The business has a 50-day moving average of $33.47 and a 200-day moving average of $38.65. The stock has a market capitalization of $5.57 billion, a price-to-earnings ratio of 23.77, a PEG ratio of 1.52 and a beta of 2.83. MP Materials has a fifty-two week low of $27.48 and a fifty-two week high of $60.19.

MP Materials (NYSE:MPGet Rating) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.10. MP Materials had a return on equity of 25.19% and a net margin of 49.26%. The firm had revenue of $143.50 million during the quarter, compared to the consensus estimate of $128.75 million. During the same period last year, the company earned $0.15 earnings per share. The business’s revenue was up 96.3% compared to the same quarter last year. As a group, sell-side analysts predict that MP Materials will post 1.33 earnings per share for the current fiscal year.

MP Materials Company Profile

(Get Rating)

MP Materials Corp. owns and operates rare earth mining and processing facilities. It owns and operates the Mountain Pass Rare Earth mine located in the Western Hemisphere. The company 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.

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