MP price drop was primarily due to two announcement made after hours yesterday. First they announced that insto investors (presumably ones that acquired shares through warrants with restrictions) would be selling 8M shares. 2nd they announced that they were issuing $50M of convertible notes. In addition, there has been an increase in short positions since earnings were released Thursday evening. The earnings beat expectations at $0.20 a share rather than expectations for $0.06, however total sales were only $50M. I suspect the shorts felt $50M of sales don't justify a market cap of $8B (closed at $46 on Friday, down to $37 today).
In summary, MP's price drop was because of it's own issues, rather than a reflection of the RE industry. Fortunately, Lynas doesn't have those issues. I bought more Lynas shares today
NdPR price, page-37
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Last
$6.05 |
Change
-0.025(0.41%) |
Mkt cap ! $5.673B | |||
| Open | High | Low | Value | Volume |
| $6.06 | $6.11 | $6.04 | $2.301M | 379.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 12 | 19240 | $6.04 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.05 | 8562 | 17 |
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| Last trade - 11.08am 24/06/2024 (20 minute delay) ? |
| LYC (ASX) Chart |