8,464 Shares in MP Materials Corp. (NYSE:MP) Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC purchased a new position in shares of MP Materials Corp. (NYSE:MP) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 8,464 shares of the company’s stock, valued at approximately $213,000.

Other large investors have also recently made changes to their positions in the company. Illinois Municipal Retirement Fund purchased a new stake in MP Materials in the 1st quarter valued at about $1,460,000. Canton Hathaway LLC purchased a new stake in MP Materials in the 1st quarter valued at about $347,000. Advisor Resource Council purchased a new stake in MP Materials in the 1st quarter valued at about $1,018,000. CENTRAL TRUST Co lifted its position in shares of MP Materials by 20.6% in the 1st quarter. CENTRAL TRUST Co now owns 3,965 shares of the company’s stock worth $97,000 after purchasing an additional 678 shares during the period. Finally, Tcfg Wealth Management LLC purchased a new stake in shares of MP Materials in the 1st quarter worth approximately $213,000. 52.55% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO James H. Litinsky sold 199,180 shares of the company’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $27.08, for a total value of $5,393,794.40. Following the transaction, the chief executive officer directly owned 13,643,076 shares in the company, valued at approximately $369,454,498.08. This represents a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 9.50% of the company’s stock.

MP Materials Trading Down 0.4%

Shares of MP Materials stock opened at $45.06 on Friday. The stock has a market cap of $7.37 billion, a P/E ratio of -69.32 and a beta of 2.26. The stock’s 50 day simple moving average is $27.71 and its 200-day simple moving average is $24.66. MP Materials Corp. has a 1-year low of $10.02 and a 1-year high of $50.98. The company has a debt-to-equity ratio of 0.81, a current ratio of 4.12 and a quick ratio of 3.58.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, May 8th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.02). MP Materials had a negative return on equity of 9.77% and a negative net margin of 48.41%. The company had revenue of $60.81 million for the quarter, compared to analyst estimates of $64.74 million. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. The company’s revenue for the quarter was up 24.9% on a year-over-year basis. Analysts predict that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MP. DA Davidson upped their target price on MP Materials from $25.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, March 19th. Jefferies Financial Group reissued a “hold” rating and issued a $33.00 target price (up from $32.00) on shares of MP Materials in a research report on Monday, July 7th. Robert W. Baird upped their price target on shares of MP Materials from $30.00 to $38.00 and gave the company an “outperform” rating in a report on Tuesday, June 17th. BMO Capital Markets upped their price target on shares of MP Materials from $22.00 to $29.00 and gave the company a “market perform” rating in a report on Thursday, March 20th. Finally, Canaccord Genuity Group upped their price target on shares of MP Materials from $27.00 to $55.00 and gave the company a “buy” rating in a report on Friday. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $31.28.

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.