BNP Paribas Financial Markets Has $40.46 Million Stock Position in MP Materials Corp. $MP

Key Points

• BNP Paribas Financial Markets increased its stake in MP Materials Corp. by 73.7%, owning a total of 1,657,299 shares valued at approximately $40.5 million.
• MP Materials has attracted interest from various institutional investors, with several firms increasing their holdings significantly during the first quarter of 2023.
• Research analysts have given MP Materials a consensus rating of "Moderate Buy" with an average price target of $60.63, reflecting optimism about the company's future prospects.

BNP Paribas Financial Markets raised its holdings in shares of MP Materials Corp. (NYSE:MP - Free Report) by 73.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,657,299 shares of the company's stock after purchasing an additional 703,042 shares during the quarter. BNP Paribas Financial Markets owned 1.01% of MP Materials worth $40,455,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in MP. GAMMA Investing LLC increased its stake in shares of MP Materials by 52.3% in the first quarter. GAMMA Investing LLC now owns 5,750 shares of the company's stock worth $140,000 after buying an additional 1,975 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of MP Materials by 1.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,093,057 shares of the company's stock valued at $26,682,000 after purchasing an additional 13,389 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of MP Materials during the first quarter worth about $213,000. LPL Financial LLC grew its stake in MP Materials by 5.0% in the first quarter. LPL Financial LLC now owns 132,796 shares of the company's stock worth $3,242,000 after purchasing an additional 6,361 shares in the last quarter. Finally, Illinois Municipal Retirement Fund bought a new stake in MP Materials in the first quarter valued at about $1,460,000. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

MP Materials Stock Performance

NYSE MP traded down $0.90 on Wednesday, hitting $66.41. The stock had a trading volume of 6,029,181 shares, compared to its average volume of 9,284,104. MP Materials Corp. has a one year low of $12.95 and a one year high of $82.50. The company has a quick ratio of 3.12, a current ratio of 3.60 and a debt-to-equity ratio of 0.83. The stock has a market cap of $11.76 billion, a price-to-earnings ratio of -105.25 and a beta of 2.32. The company's 50-day moving average is $58.29 and its two-hundred day moving average is $36.51.

MP Materials (NYSE:MP - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $44.84 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. MP Materials's quarterly revenue was up 83.6% on a year-over-year basis. On average, analysts expect that MP Materials Corp. will post -0.19 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on MP. JPMorgan Chase & Co. upped their price target on MP Materials from $18.00 to $64.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. DA Davidson lifted their price target on shares of MP Materials from $32.00 to $82.00 and gave the company a "buy" rating in a report on Tuesday. Canaccord Genuity Group increased their price objective on shares of MP Materials from $64.00 to $77.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Robert W. Baird lifted their target price on MP Materials from $52.00 to $69.00 and gave the company an "outperform" rating in a research note on Wednesday, July 23rd. Finally, Cfra Research upgraded MP Materials to a "moderate buy" rating in a research report on Monday, August 11th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, MP Materials presently has an average rating of "Moderate Buy" and a consensus target price of $66.88.

Insider Buying and Selling

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

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.