MP Materials Corp. (NYSE:MP) shares are rising Thursday. Insiders, including the CFO, a director and the COO, bought shares this week.
- MP Materials stock is moving in positive territory. Why is MP stock advancing?
MP Materials Stock Rises as Insiders Buy
Form 4 filings show three insiders purchased shares in the open market on Nov. 10 and Nov. 11. CFO Ryan Corbett acquired 5,476 shares, averaging $36.25 each, worth roughly $198.5K. Director Randall Weisenburger paid $36.00 for 55,000 shares, about $1.98M. COO Michael Rosenthal bought 32,000 shares across two days at an average $36.72, around $1.18M.
Combined, the group picked up about 92,476 shares, roughly $3.35M. Open-market buying by executives and directors can signal confidence in the outlook, though no source says it drove Thursday’s gain.
MP Materials Beat Q3 Estimates
MP posted third-quarter results after the close last Thursday. Revenue of $147.66 million topped the $117.47 million consensus and grew 176% year over year. Earnings of 4 cents a share compared with a 2-cent loss that analysts had forecast.
CEO James Litinsky said MP has cleared General Motors’ qualification process, which means saleable magnet shipments and related sales begin in the fourth quarter. Litinsky described the milestone as “an inflection point for our business and mission.” MP closed the quarter holding about $1.34 billion of cash plus short-term holdings.
MP Shares Are Jumping
MP Price Action: MP Materials shares were up 3.97% at $38.19 at the time of publication on Thursday, according to Benzinga Pro.
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