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MP Materials Corp. (MP) Surges 9.5%: Is This an Indication of Further Gains?

Zacks Equity Research
·2-min read

MP Materials Corp. (MP) shares rallied 9.5% in the last trading session to close at $31.17. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 20.3% loss over the past four weeks.

MP Materials’ shares have surged on the announcement that the S&P 500 is adding the stock to its MidCap 400 index of companies, effective Jul 27.

This company is expected to post quarterly earnings of $0.36 per share in its upcoming report, which represents a year-over-year change of +140%. Revenues are expected to be $124.74 million, up 70.6% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

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For MP Materials Corp., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MP going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

MP Materials Corp. belongs to the Zacks Mining - Miscellaneous industry. Another stock from the same industry, McEwen (MUX), closed the last trading session 1.8% lower at $0.33. Over the past month, MUX has returned -33.6%.

For McEwen , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.02. This represents a change of -100% from what the company reported a year ago. McEwen currently has a Zacks Rank of #3 (Hold).


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MP Materials Corp. (MP) : Free Stock Analysis Report
 
McEwen Mining Inc. (MUX) : Free Stock Analysis Report
 
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Zacks Investment Research