MP Materials Corp. $MP Stock Acquired by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. increased its holdings in shares of MP Materials Corp. (NYSE:MP) by 31.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 463,306 shares of the company’s stock after acquiring an additional 110,437 shares during the quarter. Pinnacle Associates Ltd.’s holdings in MP Materials were worth $21,910,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Oak Thistle LLC bought a new position in MP Materials in the 2nd quarter worth approximately $1,543,000. Amundi lifted its holdings in shares of MP Materials by 260.2% during the first quarter. Amundi now owns 385,001 shares of the company’s stock worth $18,580,000 after buying an additional 278,126 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of MP Materials by 135.8% during the second quarter. NewEdge Advisors LLC now owns 39,866 shares of the company’s stock worth $2,233,000 after buying an additional 22,958 shares during the last quarter. State Street Corp boosted its position in shares of MP Materials by 5.1% in the second quarter. State Street Corp now owns 7,773,746 shares of the company’s stock valued at $435,408,000 after acquiring an additional 376,519 shares during the period. Finally, Teamwork Financial Advisors LLC bought a new stake in shares of MP Materials in the second quarter valued at approximately $10,648,000. Institutional investors own 52.55% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on MP shares. Jefferies Financial Group restated a “buy” rating on shares of MP Materials in a research note on Tuesday, September 8th. Morgan Stanley cut their target price on shares of MP Materials from $73.00 to $66.00 and set an “overweight” rating for the company in a research note on Wednesday, October 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of MP Materials in a research note on Thursday, October 15th. Zacks Research downgraded shares of MP Materials from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 26th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of MP Materials from $70.00 to $61.00 and set a “buy” rating for the company in a report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.92.

MP Materials Stock Up 0.2%

MP stock opened at $39.02 on Wednesday. MP Materials Corp. has a twelve month low of $37.81 and a twelve month high of $80.89. The company has a market cap of $6.95 billion, a PE ratio of -114.75 and a beta of 1.98. The business’s 50-day simple moving average is $50.62 and its 200 day simple moving average is $54.49. The company has a quick ratio of 8.56, a current ratio of 9.51 and a debt-to-equity ratio of 0.48.

MP Materials (NYSE:MP) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). The firm had revenue of $108.49 million for the quarter, compared to analyst estimates of $96.89 million. MP Materials had a negative return on equity of 1.21% and a negative net margin of 19.85%. The company’s quarterly revenue was up 89.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.13) earnings per share. On average, research analysts anticipate that MP Materials Corp. will post -0.20 earnings per share for the current year.

MP Materials Company Profile

MP Materials Corp. is a rare earth materials company focused on restoring and expanding a fully integrated rare earth supply chain in the United States. The company owns and operates the Mountain Pass rare earth mine and processing facility in California, one of the largest rare earth production sites in the Western Hemisphere.

MP Materials primarily produces rare earth concentrate containing neodymium and praseodymium, elements used in high-strength permanent magnets. These magnets are important components in electric vehicles, wind turbines, robotics, defense systems, and other advanced technologies.