Envestnet Asset Management Inc. Grows Position in MP Materials Corp. $MP

Key Points

• Envestnet Asset Management more than doubled its MP Materials stake in the second quarter, increasing holdings by 107.9% to 115,195 shares valued at approximately $6.45 million. Institutional investors collectively own 52.55% of the company.
• MP Materials reported quarterly revenue of $108.49 million, up 89% year over year and above analyst expectations, while adjusted earnings of negative $0.01 per share matched estimates. The company remains unprofitable, with a negative net margin of 19.85%.
• Analyst sentiment remains generally positive, with an average “Moderate Buy” rating and a consensus price target of $75.42, although several firms recently lowered their targets. The stock opened at $46.96, well below its 52-week high of $100.25.

Envestnet Asset Management Inc. boosted its holdings in MP Materials Corp. (NYSE:MP - Free Report) by 107.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 115,195 shares of the company's stock after purchasing an additional 59,783 shares during the quarter. Envestnet Asset Management Inc. owned 0.06% of MP Materials worth $6,452,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of MP. State Street Corp grew its position in shares of MP Materials by 5.1% during the 2nd quarter. State Street Corp now owns 7,773,746 shares of the company's stock worth $435,408,000 after purchasing an additional 376,519 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in MP Materials by 2.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 121,478 shares of the company's stock worth $6,804,000 after acquiring an additional 2,411 shares during the period. Sequoia Financial Advisors LLC bought a new position in MP Materials during the 2nd quarter worth $220,000. MCF Advisors LLC raised its holdings in MP Materials by 3,748.1% in the 2nd quarter. MCF Advisors LLC now owns 5,195 shares of the company's stock valued at $291,000 after acquiring an additional 5,060 shares in the last quarter. Finally, BlueCrest Capital Management Ltd acquired a new position in MP Materials in the 2nd quarter valued at $672,000. Institutional investors own 52.55% of the company's stock.

MP Materials Stock Up 1.9%

MP Materials stock opened at $46.96 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 8.56 and a current ratio of 9.51. MP Materials Corp. has a 52-week low of $37.81 and a 52-week high of $100.25. The firm has a 50 day moving average price of $51.29 and a two-hundred day moving average price of $55.27. The firm has a market cap of $8.36 billion, a price-to-earnings ratio of -138.12 and a beta of 1.98.

MP Materials (NYSE:MP - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.01) EPS for the quarter, meeting analysts' consensus estimates of ($0.01). MP Materials had a negative net margin of 19.85% and a negative return on equity of 1.21%. The company had revenue of $108.49 million for the quarter, compared to analyst estimates of $96.89 million. During the same period in the prior year, the firm posted ($0.13) EPS. The company's quarterly revenue was up 89.0% on a year-over-year basis. Equities analysts predict that MP Materials Corp. will post -0.17 EPS for the current year.

Analysts Set New Price Targets

MP has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut their price objective on shares of MP Materials from $75.00 to $60.00 and set an "overweight" rating for the company in a research report on Wednesday, July 29th. Wall Street Zen raised shares of MP Materials from a "sell" rating to a "hold" rating in a report on Saturday. Robert W. Baird dropped their target price on shares of MP Materials from $80.00 to $65.00 and set an "outperform" rating for the company in a research report on Thursday. DA Davidson reaffirmed a "buy" rating and set a $82.00 price target on shares of MP Materials in a report on Monday, August 24th. Finally, Zacks Research lowered shares of MP Materials from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $75.42.

MP Materials Company Profile

MP Materials Corp. is a rare earth materials company that owns and operates the Mountain Pass Rare Earth Mine and processing facility in California. The site produces rare earth concentrate, with a focus on neodymium-praseodymium (NdPr), materials used in high-strength permanent magnets.

The company is expanding its operations beyond mining and concentrate production by developing domestic capabilities to separate rare earth elements and manufacture neodymium-iron-boron (NdFeB) magnets.

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