Readystate Asset Management LP Buys Shares of 12,363 MP Materials Corp. (NYSE:MP)

Readystate Asset Management LP bought a new stake in shares of MP Materials Corp. (NYSE:MP - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,363 shares of the company's stock, valued at approximately $302,000.

Several other hedge funds have also recently made changes to their positions in MP. NBC Securities Inc. raised its position in shares of MP Materials by 119,900.0% during the 1st quarter. NBC Securities Inc. now owns 1,200 shares of the company's stock valued at $29,000 after buying an additional 1,199 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of MP Materials during the 1st quarter valued at about $35,000. Quadrant Capital Group LLC raised its position in shares of MP Materials by 40.3% during the 4th quarter. Quadrant Capital Group LLC now owns 2,441 shares of the company's stock valued at $38,000 after buying an additional 701 shares in the last quarter. IFP Advisors Inc raised its position in MP Materials by 47.8% in the 1st quarter. IFP Advisors Inc now owns 2,970 shares of the company's stock worth $76,000 after purchasing an additional 960 shares during the period. Finally, CX Institutional bought a new stake in MP Materials in the first quarter worth about $79,000. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Morgan Stanley upgraded MP Materials from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $23.00 to $34.00 in a research report on Thursday, June 5th. Jefferies Financial Group restated a "hold" rating and set a $33.00 target price (up previously from $32.00) on shares of MP Materials in a research report on Monday, July 7th. JPMorgan Chase & Co. boosted their target price on MP Materials from $18.00 to $64.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Robert W. Baird boosted their target price on MP Materials from $52.00 to $69.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Finally, Canaccord Genuity Group boosted their target price on MP Materials from $27.00 to $55.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $46.11.

MP Materials Stock Performance

MP traded up $1.28 on Monday, reaching $63.36. The stock had a trading volume of 3,885,799 shares, compared to its average volume of 8,737,332. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $65.05. The company has a current ratio of 4.12, a quick ratio of 3.58 and a debt-to-equity ratio of 0.81. The business's 50-day moving average price is $35.08 and its two-hundred day moving average price is $27.67. The company has a market cap of $10.36 billion, a P/E ratio of -97.63 and a beta of 2.26.

MP Materials (NYSE:MP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). The firm had revenue of $60.81 million during the quarter, compared to analysts' expectations of $64.74 million. MP Materials had a negative net margin of 48.41% and a negative return on equity of 9.77%. The firm's quarterly revenue was up 24.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.04) EPS. Sell-side analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current year.

About MP Materials

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.