DAVENPORT & Co LLC Acquires 899 Shares of MP Materials Corp. $MP

DAVENPORT & Co LLC raised its holdings in MP Materials Corp. (NYSE:MP) by 3.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,474 shares of the company’s stock after buying an additional 899 shares during the quarter. DAVENPORT & Co LLC’s holdings in MP Materials were worth $848,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Highline Wealth Partners LLC bought a new stake in shares of MP Materials in the 2nd quarter worth approximately $25,000. AdvisorNet Financial Inc grew its position in shares of MP Materials by 168.7% in the 2nd quarter. AdvisorNet Financial Inc now owns 806 shares of the company’s stock worth $27,000 after buying an additional 506 shares during the last quarter. NBC Securities Inc. grew its position in shares of MP Materials by 119,900.0% in the 1st 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 last quarter. MAI Capital Management grew its position 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 worth $34,000 after buying an additional 800 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of MP Materials in the 1st quarter worth approximately $35,000. 52.55% of the stock is currently owned by institutional investors.

Insider Transactions at MP Materials

In other MP Materials news, COO Michael Stuart Rosenthal sold 150,000 shares of MP Materials stock in a transaction on Friday, August 29th. The stock was sold at an average price of $72.02, for a total transaction of $10,803,000.00. Following the completion of the transaction, the chief operating officer 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 9.50% of the company’s stock.

MP Materials Stock Up 8.7%

Shares of NYSE:MP opened at $78.59 on Friday. The stock has a fifty day simple moving average of $69.91 and a two-hundred day simple moving average of $45.11. The stock has a market capitalization of $13.92 billion, a price-to-earnings ratio of -124.75 and a beta of 2.32. MP Materials Corp. has a 12-month low of $15.56 and a 12-month high of $84.92. The company has a current ratio of 3.60, a quick ratio of 3.12 and a debt-to-equity ratio of 0.83.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.03. The business had revenue of $57.39 million during the quarter, compared to analysts’ expectations of $44.84 million. MP Materials had a negative return on equity of 9.34% and a negative net margin of 41.87%.The firm’s quarterly revenue was up 83.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.17) earnings per share. On average, research analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MP shares. Deutsche Bank Aktiengesellschaft lifted their price objective on MP Materials from $20.00 to $69.00 and gave the stock a “hold” rating in a research report on Thursday, July 17th. JPMorgan Chase & Co. lifted their price target on MP Materials from $18.00 to $64.00 and gave the company a “neutral” rating in a research report on Monday, July 21st. Cfra Research upgraded MP Materials to a “moderate buy” rating in a research report on Monday, August 11th. Daiwa Capital Markets began coverage on MP Materials in a research report on Monday, September 22nd. They set an “outperform” rating and a $80.00 price target on the stock. Finally, Wall Street Zen upgraded MP Materials from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.00.

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.