6,024 Shares in MP Materials Corp. $MP Purchased by StoneCrest Wealth Management Inc.

Key Points

• StoneCrest Wealth Management Inc. acquired 6,024 shares of MP Materials Corp. during the second quarter, valued at approximately $200,000.
• MP Materials has been highly rated by analysts, with a consensus rating of "Moderate Buy" and an average price target of $68.33.
• In a recent earnings report, MP Materials surpassed expectations with revenue of $57.39 million, up 83.6% year-over-year.

StoneCrest Wealth Management Inc. acquired a new position in shares of MP Materials Corp. (NYSE:MP - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,024 shares of the company's stock, valued at approximately $200,000.

Several other hedge funds have also bought and sold shares of MP. Deutsche Bank AG boosted its stake in MP Materials by 100.9% during the fourth quarter. Deutsche Bank AG now owns 10,682 shares of the company's stock worth $167,000 after acquiring an additional 5,365 shares in the last quarter. Man Group plc purchased a new position in MP Materials in the fourth quarter worth about $219,000. Quantinno Capital Management LP purchased a new position in MP Materials in the fourth quarter worth about $163,000. Aegis Wealth Management LLC purchased a new position in MP Materials in the fourth quarter worth about $156,000. Finally, GAMMA Investing LLC raised its holdings in MP Materials by 3,618.1% in the first quarter. GAMMA Investing LLC now owns 140,358 shares of the company's stock worth $3,426,000 after buying an additional 136,583 shares during the last quarter. Institutional investors own 52.55% of the company's stock.

Wall Street Analyst Weigh In

MP has been the subject of several recent analyst reports. Cowen reaffirmed a "buy" rating on shares of MP Materials in a report on Friday, August 8th. JPMorgan Chase & Co. upped their price target on shares of MP Materials from $18.00 to $64.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Robert W. Baird upped their price target on shares of MP Materials from $52.00 to $69.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 23rd. Jefferies Financial Group upgraded shares of MP Materials from a "hold" rating to a "buy" rating and set a $80.00 price target for the company in a research report on Friday, August 1st. Finally, Canaccord Genuity Group upped their price target on shares of MP Materials from $64.00 to $77.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Seven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $68.33.

MP Materials Price Performance

Shares of NYSE:MP opened at $74.59 on Wednesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 3.12 and a current ratio of 3.60. The firm has a fifty day moving average price of $67.21 and a 200 day moving average price of $40.97. MP Materials Corp. has a fifty-two week low of $14.82 and a fifty-two week high of $82.50. The firm has a market cap of $13.21 billion, a price-to-earnings ratio of -118.39 and a beta of 2.32.

MP Materials (NYSE:MP - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $57.39 million during the quarter, compared to analyst estimates of $44.84 million. During the same quarter in the prior year, the business earned ($0.17) earnings per share. MP Materials's revenue for the quarter was up 83.6% on a year-over-year basis. As a group, sell-side analysts expect that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Insider Transactions at MP Materials

In related news, COO Michael Stuart Rosenthal sold 150,000 shares of the company's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $72.02, for a total transaction of $10,803,000.00. Following the sale, the chief operating officer owned 1,284,409 shares of the company's stock, valued at $92,503,136.18. This represents a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 12.60% of the stock is currently owned by insiders.

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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