Connor Clark & Lunn Investment Management Ltd. Buys 134,724 Shares of MP Materials Corp. (NYSE:MP)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in MP Materials Corp. by 46.2%, acquiring an additional 134,724 shares, bringing its total ownership to 426,379 shares, valued at approximately $10.4 million.
• The stock received favorable ratings from several research firms, including JPMorgan Chase & Co. and Canaccord Genuity Group, with price targets raised significantly, reflecting bullish sentiment towards its potential.
• MP Materials reported an EPS of ($0.13) for the last quarter, exceeding estimates, and experienced a year-over-year revenue increase of 83.6%, despite a negative net margin.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of MP Materials Corp. (NYSE:MP - Free Report) by 46.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 426,379 shares of the company's stock after acquiring an additional 134,724 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.26% of MP Materials worth $10,408,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. JT Stratford LLC raised its holdings in shares of MP Materials by 0.7% in the 4th quarter. JT Stratford LLC now owns 63,685 shares of the company's stock worth $993,000 after buying an additional 424 shares in the last quarter. CWM LLC grew its position in MP Materials by 16.5% during the 1st quarter. CWM LLC now owns 3,566 shares of the company's stock worth $87,000 after acquiring an additional 505 shares during the last quarter. Envestnet Asset Management Inc. grew its position in MP Materials by 3.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 20,650 shares of the company's stock worth $322,000 after acquiring an additional 662 shares during the last quarter. CENTRAL TRUST Co grew its position in MP Materials by 20.6% during the 1st quarter. CENTRAL TRUST Co now owns 3,965 shares of the company's stock worth $97,000 after acquiring an additional 678 shares during the last quarter. Finally, Delta Investment Management LLC grew its position in MP Materials by 3.6% during the 4th quarter. Delta Investment Management LLC now owns 22,025 shares of the company's stock worth $344,000 after acquiring an additional 767 shares during the last quarter. Institutional investors own 52.55% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on MP. Morgan Stanley set a $65.00 price target on MP Materials and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. increased their price target on MP Materials from $18.00 to $64.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Canaccord Genuity Group increased their price target on MP Materials from $64.00 to $77.00 and gave the stock a "buy" rating in a research report on Friday. Deutsche Bank Aktiengesellschaft increased their price target on MP Materials from $20.00 to $69.00 and gave the stock a "hold" rating in a research report on Thursday, July 17th. Finally, Cowen restated a "buy" rating on shares of MP Materials in a research report on Friday. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $60.63.

MP Materials Price Performance

MP Materials stock opened at $74.32 on Monday. MP Materials Corp. has a 12 month low of $11.07 and a 12 month high of $79.36. The stock's 50 day moving average is $44.20 and its 200-day moving average is $30.83. The company has a current ratio of 3.60, a quick ratio of 3.12 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $12.15 billion, a price-to-earnings ratio of -117.97 and a beta of 2.30.

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, beating the consensus estimate of ($0.16) by $0.03. MP Materials had a negative return on equity of 9.34% and a negative net margin of 41.87%. The company had revenue of $57.39 million for the quarter, compared to the consensus estimate of $44.84 million. During the same quarter in the prior year, the business earned ($0.17) earnings per share. The firm's revenue for the quarter was up 83.6% on a year-over-year basis. Equities research analysts expect that MP Materials Corp. will post -0.19 EPS for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.