Teamwork Financial Advisors LLC bought a new position in MP Materials Corp. (NYSE:MP – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 190,100 shares of the company’s stock, valued at approximately $10,648,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Royal Bank of Canada grew its stake in shares of MP Materials by 26.5% in the 1st quarter. Royal Bank of Canada now owns 234,185 shares of the company’s stock valued at $5,716,000 after buying an additional 49,052 shares in the last quarter. AQR Capital Management LLC bought a new position in MP Materials during the first quarter valued at approximately $215,000. Integrated Wealth Concepts LLC bought a new position in MP Materials during the first quarter valued at approximately $219,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in MP Materials by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,793 shares of the company’s stock valued at $265,000 after acquiring an additional 479 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in MP Materials by 36.0% in the first quarter. Goldman Sachs Group Inc. now owns 193,943 shares of the company’s stock valued at $4,734,000 after acquiring an additional 51,348 shares during the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
MP has been the topic of several analyst reports. Wall Street Zen lowered shares of MP Materials from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Jefferies Financial Group reaffirmed a “buy” rating on shares of MP Materials in a research note on Tuesday. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of MP Materials from $70.00 to $61.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Barclays lowered their target price on shares of MP Materials from $69.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, July 16th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of MP Materials in a research report on Wednesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, MP Materials has a consensus rating of “Moderate Buy” and an average target price of $78.21.
MP Materials Price Performance
Shares of MP Materials stock opened at $55.46 on Wednesday. The company has a current ratio of 9.51, a quick ratio of 8.56 and a debt-to-equity ratio of 0.48. The firm has a fifty day simple moving average of $51.37 and a 200-day simple moving average of $56.56. The stock has a market capitalization of $9.88 billion, a price-to-earnings ratio of -163.12 and a beta of 1.94. MP Materials Corp. has a 1-year low of $37.81 and a 1-year high of $100.25.
MP Materials (NYSE:MP – Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). The business had revenue of $108.49 million for the quarter, compared to analyst estimates of $96.89 million. MP Materials had a negative net margin of 19.85% and a negative return on equity of 1.21%. MP Materials’s revenue was up 89.0% compared to the same quarter last year. During the same period last year, the business posted ($0.13) EPS. On average, sell-side analysts expect that MP Materials Corp. will post -0.12 earnings per share for the current year.
About MP Materials
MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.
The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.
Read More
- Five stocks we like better than MP Materials
- Tesla’s Robotaxi Launch Wasn’t the Moment Investors Expected
- Despite Post-Earnings Drop, Wall Street Analysts Eye New Highs for Broadcom Stock
- Morgan Stanley Eyes Good Things Ahead for Meta After $18 Billion Legal Settlement
- Q3 Earnings Could Be the Catalyst the Market Has Been Waiting For
Want to see what other hedge funds are holding MP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MP Materials Corp. (NYSE:MP – Free Report).
Receive News & Ratings for MP Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MP Materials and related companies with MarketBeat.com's FREE daily email newsletter.
