24,055 Shares of MP Materials Corp. $MP Purchased by Northeast Investment Management

Key Points

• Northeast Investment Management opened a new position in MP Materials, buying 24,055 shares worth approximately $1.14 million during the third quarter.
• Institutional investors own 52.55% of MP Materials; several firms increased their holdings, while BOCHK Asset Management also established a new position.
• Analysts collectively rate the stock a Moderate Buy, with a $71.92 consensus price target. In its latest reported quarter, MP Materials matched the $0.01-per-share loss estimate and reported revenue of $108.49 million, up 89% year over year.

Northeast Investment Management bought a new position in MP Materials Corp. (NYSE:MP - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 24,055 shares of the company's stock, valued at approximately $1,138,000.

Other institutional investors have also recently made changes to their positions in the company. Verity Asset Management Inc. increased its position in shares of MP Materials by 2.4% during the third quarter. Verity Asset Management Inc. now owns 34,718 shares of the company's stock valued at $1,642,000 after acquiring an additional 823 shares in the last quarter. Putney Financial Group LLC lifted its position in MP Materials by 4.4% in the 3rd quarter. Putney Financial Group LLC now owns 6,123 shares of the company's stock valued at $290,000 after acquiring an additional 257 shares in the last quarter. Integrity Alliance LLC. lifted its position in MP Materials by 5.8% in the 3rd quarter. Integrity Alliance LLC. now owns 11,949 shares of the company's stock valued at $565,000 after acquiring an additional 659 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in MP Materials by 10.7% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 31,000 shares of the company's stock valued at $1,466,000 after purchasing an additional 3,000 shares during the last quarter. Finally, BOCHK Asset Management Ltd purchased a new stake in MP Materials during the 3rd quarter valued at $2,554,000. Hedge funds and other institutional investors own 52.55% of the company's stock.

Analyst Ratings Changes

MP has been the subject of a number of research analyst reports. Freedom Broker assumed coverage on MP Materials in a report on Wednesday, September 16th. They issued a "hold" rating and a $57.00 target price for the company. Deutsche Bank Aktiengesellschaft lowered their price target on MP Materials from $70.00 to $61.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. JPMorgan Chase & Co. dropped their price objective on MP Materials from $75.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 29th. Wall Street Zen downgraded MP Materials from a "hold" rating to a "sell" rating in a report on Sunday, October 11th. Finally, DA Davidson reissued a "buy" rating and issued a $82.00 target price on shares of MP Materials in a research report on Monday, August 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $71.92.

MP Materials Stock Performance

Shares of NYSE MP opened at $35.85 on Thursday. The firm has a 50 day moving average of $46.63 and a 200 day moving average of $54.78. The company has a current ratio of 9.51, a quick ratio of 8.56 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $6.38 billion, a price-to-earnings ratio of -105.44 and a beta of 2.05. MP Materials Corp. has a 12-month low of $35.56 and a 12-month high of $76.80.

MP Materials (NYSE:MP - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.01) earnings per share for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $108.49 million for the quarter, compared to the consensus estimate of $96.89 million. MP Materials had a negative net margin of 19.85% and a negative return on equity of 1.21%. The company's quarterly revenue was up 89.0% on a year-over-year basis. During the same period last year, the firm earned ($0.13) earnings per share. On average, research analysts anticipate that MP Materials Corp. will post -0.21 earnings per share for the current year.

MP Materials 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.