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Ryan Corbett, the Chief Financial Officer of MP Materials Corp. (NYSE:MP), recently sold shares worth approximately $1.94 million, according to a recent SEC filing. The transactions, which took place on March 14 and March 17, involved the sale of a total of 75,000 shares of common stock. The sales come as MP Materials, with a market capitalization of $4.4 billion, has seen its stock surge 90% over the past six months.
The sales were executed at prices ranging from $25.00 to $27.00 per share, with the stock currently trading near its 52-week high of $27.05. Following these transactions, Corbett’s direct ownership of MP Materials stands at 214,812 shares. According to InvestingPro analysis, the stock appears fairly valued at current levels, with 15+ additional insights available to subscribers.
Additionally, on March 16, Corbett had 288 shares withheld to cover tax obligations related to the vesting of restricted stock units, valued at $26.83 per share. This transaction amounted to $7,727.
The sales were carried out under a pre-established Rule 10b5-1 trading plan, which allows executives to set up a predetermined schedule for selling stocks to avoid any potential accusations of insider trading.
In other recent news, MP Materials Corp reported its fourth-quarter 2024 earnings, showcasing a mixed financial performance. The company recorded revenue of $60.99 million, which exceeded analyst expectations of $51.22 million, marking a significant positive surprise. However, the earnings per share (EPS) came in at -$0.12, slightly missing the forecast of -$0.11. MP Materials achieved record production levels for rare earth oxides, driving its robust revenue growth despite challenges from declining NDPR prices. Looking forward, the company plans to invest $150-$175 million in capital expenditures in 2025 to scale magnet production and target profitability in NDPR production. Analyst notes from the earnings call indicated a focus on cost optimization and production ramp challenges, with MP Materials emphasizing its strategic direction and competitive positioning. Additionally, the company highlighted new agreements with the Department of Defense and a major global automaker, further strengthening its market presence. These developments reflect MP Materials’ ongoing efforts to expand its production capabilities and maintain a strong competitive position in the rare earth materials industry.
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