IFP Advisors Inc Has $1.05 Million Position in MP Materials Corp. $MP

IFP Advisors Inc increased its stake in MP Materials Corp. (NYSE:MP) by 890.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 29,417 shares of the company’s stock after purchasing an additional 26,447 shares during the quarter. IFP Advisors Inc’s holdings in MP Materials were worth $1,045,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of MP Materials by 7.4% during the first quarter. Vanguard Group Inc. now owns 13,662,567 shares of the company’s stock worth $333,503,000 after buying an additional 942,105 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of MP Materials by 25.3% during the first quarter. Invesco Ltd. now owns 2,655,102 shares of the company’s stock worth $64,811,000 after buying an additional 536,522 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of MP Materials by 73.7% during the first quarter. BNP Paribas Financial Markets now owns 1,657,299 shares of the company’s stock worth $40,455,000 after buying an additional 703,042 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of MP Materials by 429.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,550,124 shares of the company’s stock worth $37,839,000 after buying an additional 1,257,282 shares during the last quarter. Finally, Driehaus Capital Management LLC acquired a new position in shares of MP Materials during the first quarter worth approximately $34,288,000. 52.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on MP shares. DA Davidson upped their price target on MP Materials from $32.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, September 2nd. Benchmark reiterated a “buy” rating on shares of MP Materials in a report on Friday, August 29th. Jefferies Financial Group upgraded MP Materials from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a research report on Friday, August 1st. JPMorgan Chase & Co. boosted 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. Finally, Daiwa Capital Markets assumed coverage on MP Materials in a research report on Monday, September 22nd. They set an “outperform” rating and a $80.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, MP Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.00.

Insider Activity at MP Materials

In related news, COO Michael Stuart Rosenthal sold 150,000 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $72.02, for a total transaction of $10,803,000.00. Following the transaction, the chief operating officer directly owned 1,284,409 shares of the company’s stock, valued at approximately $92,503,136.18. This represents a 10.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 12.60% of the company’s stock.

MP Materials Trading Up 8.7%

NYSE:MP opened at $78.59 on Monday. MP Materials Corp. has a 1-year low of $15.56 and a 1-year high of $84.92. The business’s 50-day moving average price is $69.91 and its two-hundred day moving average price is $45.24. The firm has a market capitalization of $13.92 billion, a price-to-earnings ratio of -124.75 and a beta of 2.32. The company has a current ratio of 3.60, a quick ratio of 3.12 and a debt-to-equity ratio of 0.83.

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

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.