Allspring Global Investments Holdings LLC Takes Position in MP Materials Corp. (NYSE:MP)

Allspring Global Investments Holdings LLC bought a new stake in MP Materials Corp. (NYSE:MP - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,464 shares of the company's stock, valued at approximately $213,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its holdings in shares of MP Materials by 44.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,537,511 shares of the company's stock worth $101,986,000 after buying an additional 2,005,505 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in MP Materials by 8.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,207,017 shares of the company's stock valued at $34,433,000 after purchasing an additional 176,121 shares during the last quarter. Invesco Ltd. boosted its position in MP Materials by 0.4% during the fourth quarter. Invesco Ltd. now owns 2,118,580 shares of the company's stock valued at $33,050,000 after purchasing an additional 7,453 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in MP Materials by 15.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,079,668 shares of the company's stock valued at $16,843,000 after purchasing an additional 144,661 shares during the last quarter. Finally, Northern Trust Corp boosted its position in MP Materials by 23.6% during the fourth quarter. Northern Trust Corp now owns 978,284 shares of the company's stock valued at $15,261,000 after purchasing an additional 186,748 shares during the last quarter. Institutional investors and hedge funds own 52.55% of the company's stock.

MP Materials Price Performance

MP Materials stock traded up $10.83 during mid-day trading on Tuesday, reaching $59.35. The company had a trading volume of 65,143,213 shares, compared to its average volume of 5,582,143. The business has a fifty day simple moving average of $28.18 and a 200 day simple moving average of $25.00. The company has a market cap of $9.70 billion, a P/E ratio of -91.51 and a beta of 2.26. The company has a current ratio of 4.12, a quick ratio of 3.58 and a debt-to-equity ratio of 0.81. MP Materials Corp. has a fifty-two week low of $10.02 and a fifty-two week high of $62.78.

MP Materials (NYSE:MP - Get Free Report) last announced its earnings results 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). MP Materials had a negative return on equity of 9.77% and a negative net margin of 48.41%. The firm had revenue of $60.81 million for the quarter, compared to the consensus estimate of $64.74 million. During the same period in the prior year, the business earned ($0.04) EPS. MP Materials's quarterly revenue was up 24.9% on a year-over-year basis. On average, equities research analysts predict that MP Materials Corp. will post -0.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. BMO Capital Markets increased their price target on MP Materials from $22.00 to $29.00 and gave the company a "market perform" rating in a research report on Thursday, March 20th. Robert W. Baird raised their target price on shares of MP Materials from $30.00 to $38.00 and gave the company an "outperform" rating in a research note on Tuesday, June 17th. Canaccord Genuity Group raised their target price on shares of MP Materials from $27.00 to $55.00 and gave the company a "buy" rating in a research note on Friday. DA Davidson raised their target price on shares of MP Materials from $25.00 to $32.00 and gave the company a "buy" rating in a research note on Wednesday, March 19th. Finally, JPMorgan Chase & Co. cut their price objective on MP Materials from $21.00 to $18.00 and set a "neutral" rating for the company in a research report on Monday, May 12th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $31.28.

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.