BOCHK Asset Management Ltd Purchases New Position in MP Materials Corp. $MP

Key Points

• BOCHK Asset Management initiated a position in MP Materials during the third quarter, purchasing 54,000 shares valued at approximately $2.55 million.
• Institutional ownership stands at 52.55%, with State Street, Bank of New York Mellon, Principal Financial, UBS, and Amundi among other major investors increasing or initiating positions.
• MP Materials traded near $38.29, close to its one-year low, despite analysts maintaining a consensus “Moderate Buy” rating and an average price target of $71.92. The company reported quarterly revenue growth of 89% year over year but remains unprofitable.

BOCHK Asset Management Ltd bought a new position in shares of MP Materials Corp. (NYSE:MP - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 54,000 shares of the company's stock, valued at approximately $2,554,000.

A number of other hedge funds also recently bought and sold shares of the company. State Street Corp boosted its holdings in MP Materials by 5.1% in the 2nd quarter. State Street Corp now owns 7,773,746 shares of the company's stock valued at $435,408,000 after purchasing an additional 376,519 shares during the period. Bank of New York Mellon Corp acquired a new stake in MP Materials in the 2nd quarter worth $65,230,000. Principal Financial Group Inc. grew its position in MP Materials by 32.4% in the 1st quarter. Principal Financial Group Inc. now owns 919,083 shares of the company's stock worth $44,355,000 after purchasing an additional 225,009 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in MP Materials by 1.5% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 564,808 shares of the company's stock worth $31,635,000 after purchasing an additional 8,556 shares during the last quarter. Finally, Amundi increased its holdings in shares of MP Materials by 32.5% during the 2nd quarter. Amundi now owns 509,946 shares of the company's stock worth $28,562,000 after purchasing an additional 124,945 shares during the period. 52.55% of the stock is currently owned by institutional investors.

MP Materials Stock Performance

NYSE MP opened at $38.29 on Tuesday. The firm has a market cap of $6.82 billion, a price-to-earnings ratio of -112.61 and a beta of 1.98. The company has a 50 day moving average of $47.52 and a 200-day moving average of $55.09. The company has a current ratio of 9.51, a quick ratio of 8.56 and a debt-to-equity ratio of 0.48. MP Materials Corp. has a 1-year low of $37.11 and a 1-year high of $76.80.

MP Materials (NYSE:MP - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.01) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.01). The company had revenue of $108.49 million during the quarter, compared to analyst estimates of $96.89 million. MP Materials had a negative return on equity of 1.21% and a negative net margin of 19.85%. The firm's quarterly revenue was up 89.0% compared to the same quarter last year. During the same period last year, the company posted ($0.13) earnings per share. On average, equities analysts forecast that MP Materials Corp. will post -0.20 earnings per share for the current fiscal year.

Analyst Ratings Changes

MP has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft decreased their target price on MP Materials from $70.00 to $61.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Citigroup restated a "positive" rating on shares of MP Materials in a research note on Wednesday, July 15th. Morgan Stanley cut their price target on MP Materials from $73.00 to $66.00 and set an "overweight" rating for the company in a report on Wednesday, October 7th. Freedom Broker began coverage on MP Materials in a research report on Wednesday, September 16th. They issued a "hold" rating and a $57.00 price objective for the company. Finally, DA Davidson reiterated a "buy" rating and issued a $82.00 price objective on shares of MP Materials in a research report on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $71.92.

MP Materials Company 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.

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