Ballentine Partners LLC Makes New Investment in MP Materials Corp. $MP

Key Points

• Ballentine Partners LLC has acquired a new stake in MP Materials Corp., purchasing 7,247 shares valued at approximately $241,000.
• Several institutional investors recently increased their stakes in MP Materials, with BNP Paribas Financial Markets and UBS AM showing notable increases of 73.7% and 429.3%, respectively.
• MP Materials reported a revenue of $57.39 million for the quarter, exceeding analysts' estimates, and posted a negative earnings per share of ($0.13), beating the consensus estimate by $0.03.

Ballentine Partners LLC purchased a new stake in MP Materials Corp. (NYSE:MP - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 7,247 shares of the company's stock, valued at approximately $241,000.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of MP Materials by 7.4% during the first quarter. Vanguard Group Inc. now owns 13,662,567 shares of the company's stock worth $333,503,000 after purchasing an additional 942,105 shares in the last quarter. Invesco Ltd. increased its position in shares of MP Materials by 25.3% in the 1st quarter. Invesco Ltd. now owns 2,655,102 shares of the company's stock worth $64,811,000 after purchasing an additional 536,522 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of MP Materials by 73.7% in the 1st quarter. BNP Paribas Financial Markets now owns 1,657,299 shares of the company's stock worth $40,455,000 after purchasing an additional 703,042 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of MP Materials by 429.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,550,124 shares of the company's stock worth $37,839,000 after purchasing an additional 1,257,282 shares during the last quarter. Finally, Driehaus Capital Management LLC bought a new stake in shares of MP Materials during the 1st quarter valued at about $34,288,000. Institutional investors and hedge funds own 52.55% of the company's stock.

Insider Activity at MP Materials

In other news, COO Michael Stuart Rosenthal sold 150,000 shares of the 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 transaction, the chief operating officer owned 1,284,409 shares in the company, valued at $92,503,136.18. This represents a 10.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MP shares. Cfra Research raised shares of MP Materials to a "moderate buy" rating in a research report on Monday, August 11th. 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 note on Monday, July 21st. Cowen reissued a "buy" rating on shares of MP Materials in a research note on Friday, August 8th. Daiwa Capital Markets started coverage on shares of MP Materials in a research note on Monday, September 22nd. They set an "outperform" rating and a $80.00 target price for the company. Finally, Morgan Stanley set a $65.00 price target on shares of MP Materials and gave the company an "equal weight" rating in a report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $68.33.

MP Materials Stock Down 0.8%

MP Materials stock opened at $68.10 on Tuesday. The firm has a market cap of $12.06 billion, a PE ratio of -108.10 and a beta of 2.32. 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's 50 day moving average price is $68.09 and its two-hundred day moving average price is $42.39. MP Materials Corp. has a twelve month low of $15.56 and a twelve month high of $82.50.

MP Materials (NYSE:MP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.03. The firm had revenue of $57.39 million for the quarter, compared to analyst estimates of $44.84 million. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The company's revenue for the quarter was up 83.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.17) EPS. On average, research analysts predict that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

MP Materials Company 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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