Putney Financial Group LLC Makes New $70,000 Investment in MP Materials Corp. $MP

Putney Financial Group LLC purchased a new stake in shares of MP Materials Corp. (NYSE:MP) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,105 shares of the company’s stock, valued at approximately $70,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Spire Wealth Management increased its position in MP Materials by 181.3% during the second quarter. Spire Wealth Management now owns 1,010 shares of the company’s stock worth $34,000 after buying an additional 651 shares during the last quarter. Rossby Financial LCC bought a new stake in shares of MP Materials during the 2nd quarter worth about $261,000. Teacher Retirement System of Texas increased its holdings in shares of MP Materials by 4.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 18,626 shares of the company’s stock valued at $620,000 after acquiring an additional 717 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of MP Materials in the 2nd quarter valued at approximately $5,982,000. Finally, Envestnet Asset Management Inc. lifted its holdings in MP Materials by 61.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 37,504 shares of the company’s stock worth $1,248,000 after purchasing an additional 14,250 shares during the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

MP Materials Price Performance

NYSE:MP opened at $64.98 on Friday. 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 Corp. has a one year low of $15.56 and a one year high of $100.25. The company has a fifty day moving average price of $71.41 and a 200 day moving average price of $50.23. The stock has a market cap of $11.51 billion, a P/E ratio of -103.13 and a beta of 2.32.

MP Materials (NYSE:MP) last posted 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 net margin of 41.87% and a negative return on equity of 9.34%. The company had revenue of $57.39 million for the quarter, compared to the consensus estimate of $44.84 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. The business’s revenue was up 83.6% compared to the same quarter last year. Analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have commented on MP shares. Deutsche Bank Aktiengesellschaft increased their price target on MP Materials from $20.00 to $69.00 and gave the company a “hold” rating in a report on Thursday, July 17th. DA Davidson raised their target price on shares of MP Materials from $32.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, September 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of MP Materials in a report on Wednesday, October 8th. Canaccord Genuity Group upped their price target on shares of MP Materials from $64.00 to $77.00 and gave the company a “buy” rating in a report on Friday, August 8th. Finally, Daiwa Capital Markets assumed coverage on MP Materials in a research note on Monday, September 22nd. They issued an “outperform” rating and a $80.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $77.80.

Insider Buying and Selling

In other MP Materials news, COO Michael Stuart Rosenthal sold 150,000 shares of the firm’s stock in a transaction that occurred on Friday, August 29th. The stock was 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 owned 1,284,409 shares in the company, valued at approximately $92,503,136.18. This trade represents a 10.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.50% of the stock is currently 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.