D.A. Davidson & CO. Cuts Position in MP Materials Corp. $MP

D.A. Davidson & CO. decreased its holdings in MP Materials Corp. (NYSE:MP) by 60.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 37,280 shares of the company’s stock after selling 56,313 shares during the period. D.A. Davidson & CO.’s holdings in MP Materials were worth $1,240,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of MP. GAMMA Investing LLC raised its holdings in MP Materials by 52.3% in the first quarter. GAMMA Investing LLC now owns 5,750 shares of the company’s stock valued at $140,000 after buying an additional 1,975 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in MP Materials by 22.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 12,597 shares of the company’s stock valued at $307,000 after acquiring an additional 2,316 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new stake in MP Materials in the first quarter valued at approximately $1,460,000. Allspring Global Investments Holdings LLC acquired a new stake in MP Materials in the first quarter valued at approximately $213,000. Finally, Sunbelt Securities Inc. grew its position in MP Materials by 472.7% in the first quarter. Sunbelt Securities Inc. now owns 11,019 shares of the company’s stock valued at $269,000 after acquiring an additional 9,095 shares in the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

MP Materials Stock Performance

Shares of MP opened at $65.60 on Tuesday. The business’s fifty day moving average price is $71.64 and its 200 day moving average price is $49.55. MP Materials Corp. has a 12-month low of $15.56 and a 12-month high of $100.25. The stock has a market capitalization of $11.62 billion, a PE ratio of -104.12 and a beta of 2.32. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.60 and a quick ratio of 3.12.

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, topping 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 for the quarter, compared to analysts’ expectations of $44.84 million. During the same period last year, the business posted ($0.17) earnings per share. The firm’s revenue for the quarter was up 83.6% on a year-over-year basis. Equities research analysts forecast that MP Materials Corp. will post -0.19 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Benchmark reaffirmed a “buy” rating on shares of MP Materials in a research report on Friday, August 29th. BMO Capital Markets assumed coverage on shares of MP Materials in a research report on Thursday, October 9th. They issued a “market perform” rating and a $76.00 price objective for the company. DA Davidson increased their price objective on shares of MP Materials from $32.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, September 2nd. Canaccord Genuity Group increased their price objective on shares of MP Materials from $64.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Finally, Robert W. Baird raised their price target on shares of MP Materials from $52.00 to $69.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $77.80.

Insider Transactions at MP Materials

In related news, COO Michael Stuart Rosenthal sold 150,000 shares of the firm’s 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 transaction, the chief operating officer directly owned 1,284,409 shares in the company, valued at $92,503,136.18. This trade represents a 10.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.60% of the stock is owned by company insiders.

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.