MP Materials Corp. $MP Position Boosted by Flputnam Investment Management Co.

Key Points

• Flputnam Investment Management Co. increased its stake in MP Materials by 621%, owning 177,326 shares valued at approximately $4.33 million following the purchase of 152,730 shares in the first quarter.
• MP Materials received positive ratings from multiple analysts, including a price target increase from $18 to $64 by JPMorgan Chase & Co., indicating growing confidence in the company's performance.
• The company reported a revenue of $57.39 million for the quarter, significantly exceeding analysts' estimates, marking an 83.6% year-over-year increase compared to the same quarter last year.

Flputnam Investment Management Co. increased its holdings in shares of MP Materials Corp. (NYSE:MP - Free Report) by 621.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 177,326 shares of the company's stock after buying an additional 152,730 shares during the quarter. Flputnam Investment Management Co. owned about 0.11% of MP Materials worth $4,329,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in MP Materials by 52.3% during the first quarter. GAMMA Investing LLC now owns 5,750 shares of the company's stock worth $140,000 after acquiring an additional 1,975 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in MP Materials by 1.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,093,057 shares of the company's stock worth $26,682,000 after acquiring an additional 13,389 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in MP Materials during the first quarter worth about $213,000. LPL Financial LLC increased its stake in MP Materials by 5.0% during the first quarter. LPL Financial LLC now owns 132,796 shares of the company's stock worth $3,242,000 after acquiring an additional 6,361 shares during the last quarter. Finally, Illinois Municipal Retirement Fund acquired a new stake in MP Materials during the first quarter worth about $1,460,000. 52.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MP. Wall Street Zen raised MP Materials from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Cowen reaffirmed a "buy" rating on shares of MP Materials in a research report on Friday, August 8th. Morgan Stanley set a $65.00 target price on MP Materials and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Benchmark reaffirmed a "buy" rating on shares of MP Materials in a research report on Friday, August 29th. Finally, JPMorgan Chase & Co. increased their price target on MP Materials from $18.00 to $64.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.88.

MP Materials Stock Performance

Shares of NYSE:MP traded down $1.88 during trading on Thursday, hitting $64.11. 6,461,786 shares of the company traded hands, compared to its average volume of 9,273,537. The stock has a market capitalization of $11.35 billion, a price-to-earnings ratio of -101.76 and a beta of 2.32. The business's fifty day moving average is $58.91 and its 200-day moving average is $36.71. MP Materials Corp. has a one year low of $13.20 and a one year high of $82.50. The company has a quick ratio of 3.12, a current ratio of 3.60 and a debt-to-equity ratio of 0.83.

MP Materials (NYSE:MP - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.03. The company had revenue of $57.39 million during the quarter, compared to analyst estimates of $44.84 million. MP Materials had a negative return on equity of 9.34% and a negative net margin of 41.87%.The business's revenue was up 83.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.17) earnings per share. As a group, equities analysts predict 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 the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $72.02, for a total transaction of $10,803,000.00. Following the completion of the transaction, the chief operating officer owned 1,284,409 shares in the company, valued at approximately $92,503,136.18. This represents a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 9.50% of the company's stock.

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.