Molycorp Stock Price Up 5.7% on Insider Buying Activity (MCP)
Molycorp (NYSE:MCP) shares rose 5.7% during trading on Friday after an insider bought additional shares in the company, Analyst RN reports. The company traded as high as $2.99 and last traded at $2.96, with a volume of 4,805,348 shares trading hands. The stock had previously closed at $2.80.
Specifically, CEO Geoffrey R. Bedford acquired 50,000 shares of Molycorp stock on the open market in a transaction that occurred on Thursday, May 15th. The stock was purchased at an average price of $2.76 per share, for a total transaction of $138,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Several analysts have recently commented on the stock. Analysts at Goldman Sachs cut their price target on shares of Molycorp to $4.00 in a research note on Thursday. Analysts at JPMorgan Chase & Co. downgraded shares of Molycorp from a “neutral” rating to an “underweight” rating in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $6.60.
The stock has a 50-day moving average of $4.42 and a 200-day moving average of $4.87. The company’s market cap is $714.6 million.
Molycorp (NYSE:MCP) last announced its earnings results on Wednesday, May 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by $0.08. The company had revenue of $118.50 million for the quarter, compared to the consensus estimate of $144.48 million. During the same quarter in the previous year, the company posted ($0.15) earnings per share. The company’s revenue for the quarter was down 18.5% on a year-over-year basis. On average, analysts predict that Molycorp will post $-0.79 earnings per share for the current fiscal year.
Molycorp, Inc provides Rare Earths and Molybdenum products to companies. The Company’s rare earth products comprise of bastnasite, cerium, europium, lanthanum, neodymium, praseodymium, yttrium, and other lanthanides.
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