MP Materials (NYSE:MP) stock is taking off on Thursday following the appearance of its CEO on Mad Money yesterday.
MP Materials CEO James Litinsky showed up to talk about what the company does. He noted that there’s been some confusion about what its magnets are used for and how it plays into the electric vehicle (EV) market.
According to Litinsky, the company’s rare earth magnets aren’t used in batteries. Instead, they are used in motors. The CEO notes that this means its products can show up in a large variety of devices, such as wind turbines, and not just EVs, reports CNBC.
Litinsky’s appearance last night on Mad Money was after the markets closed for the day. That explains why shares of MP stock didn’t start soaring higher until today. As of this writing, more than 10 million shares of the stock have traded. That’s a hefty jump from its daily average trading volume of 3.59 million shares.
It’s also worth noting that MP Materials is still fairly new to public markets. The company only made its debut on the New York Stock Exchange after completing a SPAC merger with Fortress Value Acquisition last month.
Here’s what else investors need to know about MP Materials and MP stock.
- The company is the largest producer of rare earth materials in the Western Hemisphere.
- It’s currently responsible for roughly 15% of all rare earth magnets.
- It’s current focus is Neodymium-Praseodymium.
- This is essential for “electric vehicles, wind turbines, drones, robots and many other advanced technologies.”
- MP Materials is headquartered in Las Vegas but most of its operations take place at its Mountain Pass mine in California.
MP stock was up 14.4% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.