MP Materials (MP) Crushes H1 with 167% Jump

We recently published 10 Stocks Exploded Over 100%; One Shockingly Soared 11,000%. MP Materials Corp. (NYSE:MP) is one of the top-performing mid-cap companies of the first half of the year.

MP Materials has grown its share price by 166.6 percent year-to-date, closing Wednesday’s trading at $58.55 versus the $15.6 in the last trading day of December 2024, with the rally due to a flurry of catalysts, the recent being a newly-clinched $500 million deal with Apple.

In a statement, Apple pledged to purchase US-made rare earth magnets developed at MP Materials Corp.’s (NYSE:MP) flagship Independence facility in Fort Worth, Texas, and that it would work with the company to build out the state-of-the-art Texas factory with a series of neodymium magnet manufacturing lines specifically designed for Apple products.

The new equipment and technical capacity will allow MP Materials Corp.’s (NYSE:MP) to significantly boost its overall production.

Once built, the produced magnets will be shipped across the country and all over the world.

Apple said the partnership forms part of its $500-billion expansion plan in the US over the next four years.

Additionally, MP Materials Corp. (NYSE:MP) has also benefited from China’s move to tighten rare earth exports this year, prompting global industries heavily reliant on the critical elements to seek alternative suppliers outside China.

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Disclosure: None. This article is originally published at Insider Monkey.