MP Materials Corp. (NYSE:MP) Shares Sold by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. trimmed its holdings in MP Materials Corp. (NYSE:MP) by 6.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,727 shares of the company’s stock after selling 1,452 shares during the period. Avantax Advisory Services Inc.’s holdings in MP Materials were worth $530,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Sei Investments Co. acquired a new position in MP Materials in the fourth quarter worth about $156,000. LPL Financial LLC increased its holdings 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 valued at $1,972,000 after acquiring an additional 12,782 shares during the last quarter. ExodusPoint Capital Management LP acquired a new stake in shares of MP Materials during the 4th quarter valued at approximately $867,000. Resona Asset Management Co. Ltd. acquired a new position in MP Materials in the fourth quarter worth $86,000. Finally, Envestnet Asset Management Inc. increased its stake in MP Materials by 3.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 20,650 shares of the company’s stock valued at $322,000 after purchasing an additional 662 shares during the last quarter. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MP shares. Robert W. Baird boosted their price objective on shares of MP Materials from $52.00 to $69.00 and gave the company an “outperform” rating in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. increased their price target on MP Materials from $18.00 to $64.00 and gave the stock a “neutral” rating in a research report on Monday, July 21st. Jefferies Financial Group upgraded MP Materials from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Friday, August 1st. Morgan Stanley set a $65.00 target price on MP Materials and gave the stock an “equal weight” rating in a research report on Thursday, July 31st. Finally, Canaccord Genuity Group boosted 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, July 11th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, MP Materials has a consensus rating of “Hold” and an average target price of $57.88.

MP Materials Stock Performance

NYSE:MP opened at $68.42 on Wednesday. The stock has a market cap of $11.19 billion, a P/E ratio of -105.26 and a beta of 2.30. The stock’s 50-day moving average is $41.17 and its 200-day moving average is $29.72. The company has a current ratio of 4.12, a quick ratio of 3.58 and a debt-to-equity ratio of 0.81. MP Materials Corp. has a 1-year low of $10.36 and a 1-year high of $68.42.

MP Materials (NYSE:MP) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.12) earnings per share (EPS) 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 analysts’ expectations of $64.74 million. During the same quarter in the previous year, the business earned ($0.04) EPS. The company’s revenue for the quarter was up 24.9% on a year-over-year basis. Equities research analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current 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.