MP Materials Corp. $MP Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. decreased its position in MP Materials Corp. (NYSE:MP) by 25.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 485,760 shares of the company’s stock after selling 168,085 shares during the period. Pinnacle Associates Ltd. owned approximately 0.30% of MP Materials worth $16,161,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in MP. Highline Wealth Partners LLC acquired a new position in MP Materials in the second quarter worth approximately $25,000. AdvisorNet Financial Inc increased its stake in shares of MP Materials by 168.7% in the second quarter. AdvisorNet Financial Inc now owns 806 shares of the company’s stock worth $27,000 after purchasing an additional 506 shares during the period. MAI Capital Management increased its holdings in shares of MP Materials by 132.7% during the 1st quarter. MAI Capital Management now owns 1,403 shares of the company’s stock worth $34,000 after purchasing an additional 800 shares during the period. Spire Wealth Management boosted its holdings in MP Materials by 181.3% during the second quarter. Spire Wealth Management now owns 1,010 shares of the company’s stock valued at $34,000 after purchasing an additional 651 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in MP Materials during the 1st quarter worth about $35,000. 52.55% of the stock is currently owned by institutional investors and hedge funds.

MP Materials Stock Up 1.1%

Shares of NYSE MP opened at $64.98 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.60 and a quick ratio of 3.12. MP Materials Corp. has a one year low of $15.56 and a one year high of $100.25. The stock has a market capitalization of $11.51 billion, a PE ratio of -103.13 and a beta of 2.32. The business’s fifty day moving average price is $71.41 and its 200-day moving average price is $50.23.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.03. The firm had revenue of $57.39 million during the quarter, compared to analyst estimates of $44.84 million. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The business’s quarterly revenue was up 83.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.17) EPS. On average, equities research analysts anticipate that MP Materials Corp. will post -0.19 EPS for the current year.

Insider Activity

In other news, COO Michael Stuart Rosenthal sold 150,000 shares of the business’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $72.02, for a total transaction of $10,803,000.00. Following the sale, the chief operating officer owned 1,284,409 shares in the company, valued at approximately $92,503,136.18. The trade was a 10.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 9.50% of the company’s stock.

Wall Street Analysts Forecast Growth

MP has been the topic of several recent analyst reports. Daiwa America upgraded MP Materials to a “strong-buy” rating in a report on Monday, September 22nd. JPMorgan Chase & Co. raised their price objective on MP Materials from $18.00 to $64.00 and gave the company a “neutral” rating in a research report on Monday, July 21st. Benchmark reiterated a “buy” rating on shares of MP Materials in a research note on Friday, August 29th. Cowen restated a “buy” rating on shares of MP Materials in a research note on Friday, August 8th. Finally, Cfra Research raised shares of MP Materials to a “moderate buy” rating in a report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.80.

MP Materials Profile

MP Materials Corp., together with its subsidiaries, produces rare earth materials. The company owns and operates the Mountain Pass Rare Earth mine and processing facility in North America. It holds the mineral rights to the Mountain Pass mine and surrounding areas, as well as intellectual property rights related to the processing and development of rare earth minerals.