DAVENPORT & Co LLC Trims Position in MP Materials Corp. (NYSE:MP)

DAVENPORT & Co LLC lessened its stake in shares of MP Materials Corp. (NYSE:MP - Free Report) by 29.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 24,575 shares of the company's stock after selling 10,350 shares during the period. DAVENPORT & Co LLC's holdings in MP Materials were worth $600,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of MP. NBC Securities Inc. raised 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 worth $29,000 after acquiring an additional 1,199 shares during the period. Quadrant Capital Group LLC raised 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 worth $38,000 after acquiring an additional 701 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of MP Materials during the 4th quarter worth $40,000. IMG Wealth Management Inc. purchased a new position in shares of MP Materials during the 4th quarter worth $66,000. Finally, CX Institutional purchased a new position in shares of MP Materials during the 1st quarter worth $79,000. Hedge funds and other institutional investors own 52.55% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Morgan Stanley upgraded MP Materials from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $23.00 to $34.00 in a report on Thursday, June 5th. BMO Capital Markets boosted their price objective on shares of MP Materials from $22.00 to $29.00 and gave the company a "market perform" rating in a report on Thursday, March 20th. Robert W. Baird boosted their price objective on shares of MP Materials from $30.00 to $38.00 and gave the company an "outperform" rating in a report on Tuesday, June 17th. JPMorgan Chase & Co. reduced their price objective on shares of MP Materials from $21.00 to $18.00 and set a "neutral" rating on the stock in a report on Monday, May 12th. Finally, DA Davidson boosted their price objective on shares of MP Materials from $25.00 to $32.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $27.44.

MP Materials Stock Performance

NYSE MP opened at $31.75 on Monday. The company has a market cap of $5.19 billion, a P/E ratio of -48.84 and a beta of 2.26. The company has a debt-to-equity ratio of 0.81, a current ratio of 4.12 and a quick ratio of 3.58. The stock has a 50-day moving average of $26.52 and a two-hundred day moving average of $24.07. MP Materials Corp. has a 1-year low of $10.02 and a 1-year high of $39.10.

MP Materials (NYSE:MP - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The firm 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 business's revenue 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 anticipate that MP Materials Corp. will post -0.19 EPS for the current year.

Insiders Place Their Bets

In other MP Materials news, CEO James H. Litinsky sold 199,180 shares of MP Materials stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $27.08, for a total value of $5,393,794.40. Following the completion of the transaction, the chief executive officer directly owned 13,643,076 shares of the company's stock, valued at $369,454,498.08. The trade was a 1.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 12.60% of the stock is currently owned by corporate insiders.

About MP Materials

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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