MP Gains On Stellar Q2 Results

Shares of MP Materials Corp. (MP) are rising over 3% Friday morning, after the company reported solid Q2 results.

The stock, which has been trading between $27.48 - $60.19 for the past one year, is currently trading at $36.25, up $1.19 or 3.39%, with trading volume of over 579K versus an average volume of 2.87 million shares.

The company's Q2 net income surged to $73.3 million or $0.38 per share from $27.2 million or $0.15 per share last year. Adjusted net income amounted to $81.9 million or $0.43 per share, a jump from the previous year's income of $33.4 million or $0.18 per share. Revenue for the quarter soared 96% to $143.6 million from $73.1 million generated a year ago.

Analysts polled by Thomson Reuters expected earnings of $0.33 per share on revenue of $128.75 million for the quarter. Analysts' estimate typically exclude certain special items.

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