Pekin Hardy Strauss Inc. lowered its holdings in shares of MP Materials Corp. (NYSE:MP – Free Report) by 15.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 200,036 shares of the company’s stock after selling 35,364 shares during the period. Pekin Hardy Strauss Inc.’s holdings in MP Materials were worth $4,883,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Envestnet Asset Management Inc. grew its position in shares of MP Materials by 12.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 23,254 shares of the company’s stock valued at $568,000 after buying an additional 2,604 shares during the last quarter. OneDigital Investment Advisors LLC raised its holdings in MP Materials by 2.0% during the 1st quarter. OneDigital Investment Advisors LLC now owns 56,766 shares of the company’s stock worth $1,386,000 after purchasing an additional 1,138 shares during the last quarter. D.A. Davidson & CO. lifted its position in shares of MP Materials by 119.8% in the 1st quarter. D.A. Davidson & CO. now owns 93,593 shares of the company’s stock worth $2,285,000 after purchasing an additional 51,016 shares during the period. Teacher Retirement System of Texas bought a new stake in shares of MP Materials in the 1st quarter valued at $437,000. Finally, Lisanti Capital Growth LLC acquired a new stake in shares of MP Materials during the first quarter worth $3,337,000. Institutional investors and hedge funds own 52.55% of the company’s stock.
Analyst Upgrades and Downgrades
MP has been the topic of a number of research analyst reports. Robert W. Baird upped their price target on shares of MP Materials from $30.00 to $38.00 and gave the company an “outperform” rating in a research report on Tuesday, June 17th. JPMorgan Chase & Co. cut their target price on MP Materials from $21.00 to $18.00 and set a “neutral” rating on the stock in a research report on Monday, May 12th. DA Davidson lifted their target price on MP Materials from $25.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, March 19th. BMO Capital Markets increased their target price on shares of MP Materials from $22.00 to $29.00 and gave the stock a “market perform” rating in a research note on Thursday, March 20th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $33.00 price target (up from $32.00) on shares of MP Materials in a research note on Monday. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, MP Materials currently has an average rating of “Moderate Buy” and an average price target of $28.06.
Insiders Place Their Bets
In other MP Materials news, CEO James H. Litinsky sold 199,180 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $27.08, for a total value of $5,393,794.40. Following the completion of the sale, the chief executive officer owned 13,643,076 shares in the company, valued at approximately $369,454,498.08. This trade represents a 1.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 12.60% of the company’s stock.
MP Materials Price Performance
MP stock opened at $31.75 on Monday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.58 and a current ratio of 4.12. The business has a 50-day simple moving average of $26.52 and a two-hundred day simple moving average of $24.07. The company has a market capitalization of $5.19 billion, a P/E ratio of -48.84 and a beta of 2.26. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $39.10.
MP Materials (NYSE:MP – Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $64.74 million. During the same quarter last year, the business posted ($0.04) earnings per share. MP Materials’s revenue 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 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.
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