MP Materials Corp. (NYSE:MP) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its holdings in MP Materials Corp. (NYSE:MP) by 12.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,254 shares of the company’s stock after purchasing an additional 2,604 shares during the period. Envestnet Asset Management Inc.’s holdings in MP Materials were worth $568,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in MP. Sei Investments Co. acquired a new position in shares of MP Materials in the 4th quarter worth approximately $156,000. LPL Financial LLC grew its stake in shares of MP Materials by 11.2% in the 4th quarter. LPL Financial LLC now owns 126,435 shares of the company’s stock worth $1,972,000 after purchasing an additional 12,782 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in shares of MP Materials in the 4th quarter worth approximately $867,000. Resona Asset Management Co. Ltd. acquired a new position in shares of MP Materials in the 4th quarter worth approximately $86,000. Finally, Quadrant Capital Group LLC grew its stake in shares of MP Materials by 40.3% in the 4th quarter. Quadrant Capital Group LLC now owns 2,441 shares of the company’s stock worth $38,000 after purchasing an additional 701 shares during the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MP shares. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of MP Materials from $20.00 to $69.00 and gave the stock a “hold” rating in a research note on Thursday, July 17th. Jefferies Financial Group raised shares of MP Materials from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a research report on Friday, August 1st. Morgan Stanley set a $65.00 target price on shares of MP Materials and gave the stock an “equal weight” rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. lifted their target price on shares of MP Materials from $18.00 to $64.00 and gave the stock a “neutral” rating in a research report on Monday, July 21st. Finally, Wall Street Zen raised shares of MP Materials from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $57.88.

MP Materials Stock Performance

Shares of MP opened at $68.42 on Wednesday. The company’s 50 day moving average price is $41.17 and its 200 day moving average price is $29.72. MP Materials Corp. has a 52 week low of $10.36 and a 52 week high of $68.42. The company has a market capitalization of $11.19 billion, a PE ratio of -105.26 and a beta of 2.30. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.58 and a current ratio of 4.12.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). MP Materials had a negative net margin of 48.41% and a negative return on equity of 9.77%. The company had revenue of $60.81 million for the quarter, compared to analysts’ expectations of $64.74 million. During the same period in the previous year, the firm posted ($0.04) earnings per share. The business’s revenue for the quarter was up 24.9% on a year-over-year basis. Research analysts expect that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

MP Materials Company 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.