Exchange Traded Concepts LLC Purchases Shares of 224,791 MP Materials Corp. $MP

Key Points

• Exchange Traded Concepts LLC acquired a new stake in MP Materials Corp. during Q2, purchasing 224,791 shares valued at approximately $7.48 million, representing about 0.14% of the company.
• Institutional investors own 52.55% of MP Materials, with significant increases in stakes from various firms including Driehaus Capital Management and UBS AM, which raised its holdings by 429.3%.
• MP Materials reported a revenue of $57.39 million in its latest quarterly results, marking an 83.6% increase year-over-year, and beat analysts' EPS estimates.

Exchange Traded Concepts LLC acquired a new stake in MP Materials Corp. (NYSE:MP - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 224,791 shares of the company's stock, valued at approximately $7,479,000. Exchange Traded Concepts LLC owned approximately 0.14% of MP Materials at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Deutsche Bank AG grew its stake in shares of MP Materials by 100.9% during the fourth quarter. Deutsche Bank AG now owns 10,682 shares of the company's stock worth $167,000 after buying an additional 5,365 shares during the last quarter. Janus Henderson Group PLC boosted its position in MP Materials by 39.3% during the fourth quarter. Janus Henderson Group PLC now owns 59,164 shares of the company's stock valued at $923,000 after acquiring an additional 16,698 shares during the last quarter. Man Group plc bought a new stake in MP Materials during the fourth quarter valued at $219,000. Quantinno Capital Management LP bought a new stake in MP Materials during the fourth quarter valued at $163,000. Finally, Two Sigma Advisers LP acquired a new position in shares of MP Materials during the fourth quarter valued at about $5,524,000. Institutional investors own 52.55% of the company's stock.

MP Materials Stock Performance

NYSE:MP traded up $0.96 during mid-day trading on Friday, hitting $73.09. 37,364,554 shares of the company's stock traded hands, compared to its average volume of 8,697,752. The company has a current ratio of 3.60, a quick ratio of 3.12 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $12.94 billion, a price-to-earnings ratio of -116.02 and a beta of 2.32. MP Materials Corp. has a 12 month low of $13.45 and a 12 month high of $82.50. The firm has a 50 day moving average of $66.39 and a two-hundred day moving average of $40.29.

MP Materials (NYSE:MP - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.16) by $0.03. The business had revenue of $57.39 million during the quarter, compared to analysts' expectations of $44.84 million. MP Materials had a negative return on equity of 9.34% and a negative net margin of 41.87%.The firm's quarterly revenue was up 83.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.17) earnings per share. On average, equities analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Insider Activity at MP Materials

In other news, COO Michael Stuart Rosenthal sold 150,000 shares of MP Materials stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $72.02, for a total value of $10,803,000.00. Following the completion of the transaction, the chief operating officer directly owned 1,284,409 shares of the company's stock, valued at approximately $92,503,136.18. This trade represents a 10.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 9.50% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on MP. Canaccord Genuity Group increased their target price on shares of MP Materials from $64.00 to $77.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Morgan Stanley set a $65.00 target price on shares of MP Materials and gave the company an "equal weight" rating in a research note on Thursday, July 31st. Cowen reissued a "buy" rating on shares of MP Materials in a research note on Friday, August 8th. JPMorgan Chase & Co. boosted their price objective on shares of MP Materials from $18.00 to $64.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Finally, Cfra Research upgraded shares of MP Materials to a "moderate buy" rating in a research report on Monday, August 11th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $66.88.

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.