9,118 Shares in MP Materials Corp. (NYSE:MP) Acquired by Convergence Investment Partners LLC

Convergence Investment Partners LLC acquired a new position in shares of MP Materials Corp. (NYSE:MP - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 9,118 shares of the company's stock, valued at approximately $223,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. NBC Securities Inc. boosted its holdings in shares of MP Materials by 119,900.0% during the 1st quarter. NBC Securities Inc. now owns 1,200 shares of the company's stock valued at $29,000 after acquiring an additional 1,199 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of MP Materials during the 1st quarter valued at $35,000. Quadrant Capital Group LLC boosted its holdings in shares of MP Materials by 40.3% during the 4th quarter. Quadrant Capital Group LLC now owns 2,441 shares of the company's stock valued at $38,000 after acquiring an additional 701 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of MP Materials by 47.8% during the 1st quarter. IFP Advisors Inc now owns 2,970 shares of the company's stock valued at $76,000 after acquiring an additional 960 shares in the last quarter. Finally, CX Institutional acquired a new stake in shares of MP Materials during the 1st quarter valued at $79,000. Institutional investors own 52.55% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MP. JPMorgan Chase & Co. raised their price objective on MP Materials from $18.00 to $64.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Robert W. Baird raised their price objective on MP Materials from $52.00 to $69.00 and gave the company an "outperform" rating in a report on Wednesday, July 23rd. Deutsche Bank Aktiengesellschaft lifted their target price on MP Materials from $20.00 to $69.00 and gave the stock a "hold" rating in a report on Thursday, July 17th. Morgan Stanley raised MP Materials from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $23.00 to $34.00 in a report on Thursday, June 5th. Finally, Canaccord Genuity Group lifted their target price on MP Materials from $27.00 to $55.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.11.

MP Materials Trading Up 2.6%

Shares of NYSE:MP traded up $1.64 during midday trading on Monday, reaching $63.72. The company's stock had a trading volume of 4,837,979 shares, compared to its average volume of 8,745,785. The firm has a market capitalization of $10.42 billion, a price-to-earnings ratio of -98.35 and a beta of 2.26. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.58 and a current ratio of 4.12. The firm has a 50 day moving average price of $35.08 and a two-hundred day moving average price of $27.67. MP Materials Corp. has a fifty-two week low of $10.02 and a fifty-two week high of $65.05.

MP Materials (NYSE:MP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.02). The business had revenue of $60.81 million during the quarter, compared to analyst estimates of $64.74 million. MP Materials had a negative net margin of 48.41% and a negative return on equity of 9.77%. The firm's revenue for the quarter was up 24.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.04) earnings per share. As a group, analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current year.

MP Materials 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.