DAVENPORT & Co LLC reduced its stake in shares of MP Materials Corp. (NYSE:MP - Free Report) by 29.6% during the 1st quarter, according to its most recent filing with the SEC. 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 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Proficio Capital Partners LLC acquired a new stake in MP Materials in the 4th quarter worth about $399,000. SBI Securities Co. Ltd. acquired a new stake in MP Materials in the 4th quarter worth about $40,000. Charles Schwab Investment Management Inc. boosted its holdings in MP Materials by 15.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,079,668 shares of the company's stock worth $16,843,000 after buying an additional 144,661 shares during the last quarter. Keybank National Association OH boosted its holdings in MP Materials by 14.6% in the 4th quarter. Keybank National Association OH now owns 17,709 shares of the company's stock worth $276,000 after buying an additional 2,251 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in MP Materials by 3.1% in the 4th quarter. Victory Capital Management Inc. now owns 2,432,389 shares of the company's stock worth $37,945,000 after buying an additional 73,297 shares during the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.
MP Materials Trading Down 2.3%
NYSE:MP traded down $0.74 during trading hours on Monday, hitting $31.10. The company had a trading volume of 6,026,659 shares, compared to its average volume of 4,724,467. The company has a current ratio of 4.12, a quick ratio of 3.58 and a debt-to-equity ratio of 0.81. The company has a 50-day moving average of $26.52 and a 200 day moving average of $24.07. The company has a market cap of $5.08 billion, a P/E ratio of -47.85 and a beta of 2.26. 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 announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.02). MP Materials had a negative net margin of 48.41% and a negative return on equity of 9.77%. The business had revenue of $60.81 million during the quarter, compared to analyst estimates of $64.74 million. During the same period last year, the company earned ($0.04) EPS. The business's revenue for the quarter was up 24.9% on a year-over-year basis. Sell-side analysts expect that MP Materials Corp. will post -0.19 earnings per share for the current year.
Analyst Ratings Changes
Several equities research analysts recently issued reports on the company. BMO Capital Markets lifted their price objective on MP Materials from $22.00 to $29.00 and gave the stock a "market perform" rating in a report on Thursday, March 20th. DA Davidson lifted their price objective on MP Materials from $25.00 to $32.00 and gave the stock a "buy" rating in a report on Wednesday, March 19th. JPMorgan Chase & Co. decreased their target price on shares of MP Materials from $21.00 to $18.00 and set a "neutral" rating on the stock in a research note on Monday, May 12th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $33.00 price target (up previously from $32.00) on shares of MP Materials in a report on Monday. Finally, Morgan Stanley raised MP Materials from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $23.00 to $34.00 in a research note on Thursday, June 5th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $28.06.
Read Our Latest Analysis on MP Materials
Insider Buying and Selling
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 owned by company insiders.
MP Materials Profile
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Free Report)
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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