Drive Wealth Management LLC Invests $387,000 in MP Materials Corp. (NYSE:MP)

Key Points

• Drive Wealth Management LLC invested approximately $387,000 in MP Materials Corp. by acquiring 15,868 shares during the first quarter of the year.
• Several institutional investors have increased their stakes in MP Materials, with Price T Rowe Associates raising its position by 44.3%, now owning over 6.5 million shares valued at around $101 million.
• Wall Street analysts have given MP Materials a consensus rating of "Moderate Buy" with an average price target of $46.11, although recent earnings showed losses per share that missed estimates.

Drive Wealth Management LLC purchased a new stake in MP Materials Corp. (NYSE:MP - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 15,868 shares of the company's stock, valued at approximately $387,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its position in MP Materials by 44.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,537,511 shares of the company's stock worth $101,986,000 after buying an additional 2,005,505 shares during the period. BNP Paribas Financial Markets acquired a new stake in shares of MP Materials during the 4th quarter worth $14,886,000. Raymond James Financial Inc. acquired a new stake in shares of MP Materials during the 4th quarter worth $6,284,000. HITE Hedge Asset Management LLC acquired a new stake in shares of MP Materials during the 4th quarter worth $6,019,000. Finally, Two Sigma Advisers LP acquired a new stake in shares of MP Materials during the 4th quarter worth $5,524,000. 52.55% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MP has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on MP Materials from $20.00 to $69.00 and gave the company a "hold" rating in a research note on Thursday, July 17th. Robert W. Baird upped their price target on MP Materials from $52.00 to $69.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Wall Street Zen raised MP Materials from a "sell" rating to a "hold" rating in a research report on Saturday. JPMorgan Chase & Co. upped their price target on MP Materials from $18.00 to $64.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Finally, Canaccord Genuity Group increased their price objective on MP Materials from $27.00 to $55.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, MP Materials presently has a consensus rating of "Moderate Buy" and an average price target of $46.11.

MP Materials Stock Down 4.2%

MP traded down $2.67 during trading on Tuesday, reaching $61.44. 6,833,125 shares of the stock were exchanged, compared to its average volume of 8,775,691. The stock has a market cap of $10.04 billion, a P/E ratio of -94.98 and a beta of 2.26. MP Materials Corp. has a twelve month low of $10.02 and a twelve month high of $65.84. The stock's 50 day moving average price is $35.94 and its two-hundred day moving average price is $27.98. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.58 and a current ratio of 4.12.

MP Materials (NYSE:MP - Get Free Report) last issued its earnings results 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). MP Materials had a negative return on equity of 9.77% and a negative net margin of 48.41%. The firm had revenue of $60.81 million during the quarter, compared to the consensus estimate of $64.74 million. During the same quarter in the prior year, the business earned ($0.04) earnings per share. MP Materials's revenue for the quarter was up 24.9% on a year-over-year basis. Equities 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.