Y Intercept Hong Kong Ltd Invests $5.98 Million in MP Materials Corp. $MP

Y Intercept Hong Kong Ltd bought a new position in MP Materials Corp. (NYSE:MP) in the 2nd quarter, Holdings Channel.com reports. The fund bought 179,805 shares of the company’s stock, valued at approximately $5,982,000.

Several other hedge funds and other institutional investors also recently modified their holdings of MP. Highline Wealth Partners LLC bought a new stake in shares of MP Materials in the 2nd quarter worth about $25,000. AdvisorNet Financial Inc grew its position in shares of MP Materials by 168.7% during the 2nd quarter. AdvisorNet Financial Inc now owns 806 shares of the company’s stock valued at $27,000 after buying an additional 506 shares during the last quarter. MAI Capital Management grew its position 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 valued at $34,000 after buying an additional 800 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of MP Materials during the 1st quarter valued at about $35,000. Finally, Banque Cantonale Vaudoise bought a new stake in shares of MP Materials during the 1st quarter valued at about $35,000. Institutional investors own 52.55% of the company’s stock.

MP Materials Stock Down 7.4%

MP stock opened at $65.60 on Tuesday. MP Materials Corp. has a 12 month low of $15.56 and a 12 month high of $100.25. The firm has a market cap of $11.62 billion, a PE ratio of -104.12 and a beta of 2.32. The firm has a 50 day simple moving average of $71.64 and a 200 day simple moving average of $49.55. 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 (NYSE:MP) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.03. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The firm had revenue of $57.39 million for the quarter, compared to analysts’ expectations of $44.84 million. During the same period in the previous year, the company posted ($0.17) EPS. The company’s quarterly revenue was up 83.6% compared to the same quarter last year. Equities research analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MP shares. Cowen reaffirmed a “buy” rating on shares of MP Materials in a research report on Friday, August 8th. Cfra Research raised shares of MP Materials to a “moderate buy” rating in a research report on Monday, August 11th. Canaccord Genuity Group boosted their price objective on shares of MP Materials from $64.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Daiwa America raised shares of MP Materials to a “strong-buy” rating in a research report on Monday, September 22nd. Finally, Wall Street Zen raised shares of MP Materials from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, MP Materials has a consensus rating of “Moderate Buy” and an average price target of $77.80.

Insider Activity at MP Materials

In other news, COO Michael Stuart Rosenthal sold 150,000 shares of the 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 transaction, the chief operating officer owned 1,284,409 shares in the company, valued at $92,503,136.18. This represents a 10.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.60% of the stock is currently owned by company insiders.

About MP Materials

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.