24,055 Shares in MP Materials Corp. $MP Acquired by Northeast Investment Management

Northeast Investment Management purchased a new stake in shares of MP Materials Corp. (NYSE:MP) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 24,055 shares of the company’s stock, valued at approximately $1,138,000.

Other large investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new stake in shares of MP Materials in the second quarter worth $65,230,000. State Street Corp raised its position in shares of MP Materials by 5.1% during the 2nd quarter. State Street Corp now owns 7,773,746 shares of the company’s stock valued at $435,408,000 after purchasing an additional 376,519 shares during the period. Amundi lifted its stake in shares of MP Materials by 260.2% during the 1st quarter. Amundi now owns 385,001 shares of the company’s stock valued at $18,580,000 after buying an additional 278,126 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of MP Materials by 32.4% during the 1st quarter. Principal Financial Group Inc. now owns 919,083 shares of the company’s stock valued at $44,355,000 after buying an additional 225,009 shares in the last quarter. Finally, Teamwork Financial Advisors LLC purchased a new position in shares of MP Materials during the 2nd quarter valued at $10,648,000. Hedge funds and other institutional investors own 52.55% of the company’s stock.

MP Materials Trading Down 5.2%

Shares of MP stock opened at $35.85 on Thursday. 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 stock has a market capitalization of $6.38 billion, a price-to-earnings ratio of -105.44 and a beta of 2.05. MP Materials Corp. has a 12-month low of $35.56 and a 12-month high of $76.80. The stock’s 50-day moving average price is $46.63 and its 200-day moving average price is $54.78.

MP Materials (NYSE:MP) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.01) EPS for the quarter, meeting analysts’ consensus estimates of ($0.01). MP Materials had a negative return on equity of 1.21% and a negative net margin of 19.85%. The company had revenue of $108.49 million during the quarter, compared to analyst estimates of $96.89 million. During the same period in the prior year, the company earned ($0.13) earnings per share. The firm’s revenue was up 89.0% on a year-over-year basis. Equities research analysts predict that MP Materials Corp. will post -0.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MP has been the subject of several recent analyst reports. Citigroup reaffirmed a “positive” rating on shares of MP Materials in a report on Wednesday, July 15th. JPMorgan Chase & Co. lowered their price objective on MP Materials from $75.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 29th. Wall Street Zen downgraded MP Materials from a “hold” rating to a “sell” rating in a research report on Sunday, October 11th. Freedom Broker initiated coverage on MP Materials in a research note on Wednesday, September 16th. They issued a “hold” rating and a $57.00 price objective for the company. Finally, Robert W. Baird cut their target price on MP Materials from $80.00 to $65.00 and set an “outperform” rating for the company in a research report on Thursday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $71.92.

About MP Materials

MP Materials Corp. is a rare earth materials company focused on restoring and expanding a fully integrated rare earth supply chain in the United States. The company owns and operates the Mountain Pass rare earth mine and processing facility in California, one of the largest rare earth production sites in the Western Hemisphere.

MP Materials primarily produces rare earth concentrate containing neodymium and praseodymium, elements used in high-strength permanent magnets. These magnets are important components in electric vehicles, wind turbines, robotics, defense systems, and other advanced technologies.