On August 7, MP Materials Corp. rose 6.91% in pre-market trading, trading at $50.8/share, with turnover of $2.51 million.

On the news front, the company reported Q2 results after market close the prior session, with revenue of $108.5 million significantly beating the analyst consensus estimate of approximately $97-99 million and nearly doubling from $57.4 million a year earlier. The adjusted loss narrowed to $0.01 per share from a loss of $0.13 per share in the year-ago quarter, benefiting from increased rare earth sales volumes and a U.S. government price support agreement.

Additionally, the company announced the launch of Project Swarm targeting the drone industry, with subscription agreements signed with U.S. and allied customers. This follows a strong Q1 that saw record neodymium-praseodymium oxide production. Wedbush maintains an outperform rating with a $100 price target. The stock had previously declined over 10% on reports of delays at its Texas magnet factory and has been in a recovery phase. Within the Diversified Metals and Mining sector, peer USA Rare Earth Inc. gained 5.69%.

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