MP Materials (NYSE:MP) Posts Quarterly Earnings Results, Misses Expectations By $0.08 EPS

MP Materials (NYSE:MP) issued its earnings results on Thursday. The company reported ($0.17) earnings per share (EPS) 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 business had revenue of $31.26 million for the quarter, compared to analysts’ expectations of $40.03 million. During the same period last year, the business earned $0.07 EPS. The company’s revenue for the quarter was down 51.2% on a year-over-year basis.

MP Materials Stock Down 11.9 %

Shares of NYSE MP traded down $1.51 during trading on Friday, reaching $11.17. 8,501,127 shares of the stock were exchanged, compared to its average volume of 2,108,821. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of -74.47 and a beta of 2.22. The business’s 50-day moving average price is $14.25 and its 200 day moving average price is $15.28. The company has a quick ratio of 9.28, a current ratio of 10.29 and a debt-to-equity ratio of 0.82. MP Materials has a twelve month low of $10.94 and a twelve month high of $24.44.

Insider Activity at MP Materials

In other 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 completion of the transaction, the chief financial officer now owns 325,021 shares in the company, valued at $5,502,605.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $846,500.00. Following the completion of the sale, the chief financial officer now directly owns 325,021 shares of the company’s stock, valued at approximately $5,502,605.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the sale, the director now directly owns 86,000 shares of the company’s stock, valued at $1,554,020. The disclosure for this sale can be found here. 12.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MP. JPMorgan Chase & Co. dropped their target price on shares of MP Materials from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. BMO Capital Markets started coverage on shares of MP Materials in a research report on Monday, July 15th. They issued a “market perform” rating and a $16.50 price objective on the stock. Deutsche Bank Aktiengesellschaft dropped 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. Benchmark reissued a “buy” rating and issued a $30.00 price objective on shares of MP Materials in a research report on Friday. Finally, Robert W. Baird lowered their target price on shares of MP Materials from $24.00 to $20.00 and set an “outperform” rating for the company in a report on Monday, July 15th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, MP Materials presently has an average rating of “Moderate Buy” and an average target price of $20.50.

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.