Wealth Enhancement Advisory Services LLC Raises Holdings in MP Materials Corp. $MP

Wealth Enhancement Advisory Services LLC increased its position in MP Materials Corp. (NYSE:MP) by 2.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 12,955 shares of the company’s stock after purchasing an additional 358 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in MP Materials were worth $412,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in MP. NBC Securities Inc. increased its position in MP Materials by 119,900.0% during the first quarter. NBC Securities Inc. now owns 1,200 shares of the company’s stock worth $29,000 after buying an additional 1,199 shares during the period. MAI Capital Management increased its holdings in shares of MP Materials by 132.7% in the 1st quarter. MAI Capital Management now owns 1,403 shares of the company’s stock valued at $34,000 after acquiring an additional 800 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in MP Materials in the 1st quarter valued at $35,000. Banque Cantonale Vaudoise acquired a new stake in shares of MP Materials during the first quarter worth about $35,000. Finally, Harbor Investment Advisory LLC lifted its position in MP Materials by 51.0% during the 2nd quarter. Harbor Investment Advisory LLC now owns 1,510 shares of the company’s stock worth $50,000 after acquiring an additional 510 shares during the period. Hedge funds and other institutional investors own 52.55% of the company’s stock.

MP Materials Stock Up 4.3%

Shares of NYSE MP opened at $74.57 on Tuesday. MP Materials Corp. has a 1 year low of $15.56 and a 1 year high of $82.50. The firm’s 50 day moving average price is $68.93 and its 200 day moving average price is $43.92. The company has a debt-to-equity ratio of 0.83, a quick ratio of 3.12 and a current ratio of 3.60. The firm has a market cap of $13.21 billion, a P/E ratio of -118.37 and a beta of 2.32.

MP Materials (NYSE:MP) last released its earnings results on Thursday, August 7th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate 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 firm had revenue of $57.39 million during the quarter, compared to analyst estimates of $44.84 million. During the same period in the prior year, the firm posted ($0.17) earnings per share. The business’s quarterly revenue was up 83.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on MP shares. Morgan Stanley set a $65.00 target price on MP Materials and gave the company an “equal weight” rating in a report on Thursday, July 31st. DA Davidson boosted their price target on shares of MP Materials from $32.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, September 2nd. Benchmark reiterated a “buy” rating on shares of MP Materials in a research report on Friday, August 29th. Wall Street Zen upgraded shares of MP Materials from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Finally, Cfra Research raised shares of MP Materials to a “moderate buy” rating in a research note on Monday, August 11th. 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 assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $68.33.

Insider Activity

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

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.