Molycorp Sees Large Growth in Short Interest (MCP)
Molycorp (NYSE:MCP) was the target of a large increase in short interest in May. As of May 15th, there was short interest totalling 70,614,271 shares, an increase of 8.9% from the April 30th total of 64,829,555 shares, StockRatingsNetwork.com reports. Approximately 41.8% of the shares of the stock are short sold. Based on an average daily volume of 8,392,712 shares, the short-interest ratio is currently 8.4 days.
MCP has been the subject of a number of recent research reports. Analysts at Morgan Stanley downgraded shares of Molycorp from an “equal weight” rating to an “underweight” rating in a research note on Tuesday, May 20th. They now have a $2.50 price target on the stock, down previously from $2.85. Separately, analysts at Goldman Sachs cut their price target on shares of Molycorp to $4.00 in a research note on Thursday, May 15th. Finally, 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. Two analysts have rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $5.78.
Shares of Molycorp (NYSE:MCP) opened at 2.70 on Monday. Molycorp has a 52 week low of $2.44 and a 52 week high of $8.06. The stock’s 50-day moving average is $3.59 and its 200-day moving average is $4.66. The company’s market cap is $660.7 million.
Molycorp (NYSE:MCP) last released its earnings data on Wednesday, May 7th. The company reported ($0.29) earnings per share 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. Analysts expect that Molycorp will post $-1.00 EPS 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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