After nearly doubling in value over the last week and closing at a record high Wednesday, shares of MP Materials are sinking premarket Thursday after the rare earths miner announced plans to sell new stock.

Deutsche Bank analyst Corinne Blanchard raised her target price on the rare-earths stock MP Materials to $67 a share from $20.

MP Materials said on Wednesday it would sell $500 million of its common stock, a day after the U.S. rare earths miner inked a supply deal with Apple .

MP Materials launched a $500M public offering of common stock, and expects to grant a 30-day underwriters option to purchase up to an additional 15% of shares to be sold in the offering.

Taiwan Semiconductor Manufacturing reports a record profit in the second quarter, PepsiCo’s adjusted earnings top forecasts, and GE Aerospace raises guidance for 2025.

MP Materials Corp., a rare earth materials company, is seeing its stock price rise on news of a major commitment from tech giant Apple.

MP Materials has a large amount of cash at hand and strong demand for rare earth magnets, with new partnerships announced. Read why I'm rating MP stock a buy.

MP Materials shares remain in focus after soaring 20% yesterday on news that Apple plans to invest $500 million in the rare earths firm, news that came just days after the Department of Defense took a stake in the company.

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.