HITE Hedge Asset Management LLC Has $6.44 Million Holdings in MP Materials Corp. $MP

Key Points

• HITE Hedge Asset Management LLC reduced its stake in MP Materials Corp. by 31.6%, owning 263,909 shares valued at approximately $6.44 million as of the latest SEC filing.
• MP Materials reported a revenue of $57.39 million for the latest quarter, exceeding analysts' estimates significantly and indicating an 83.6% year-over-year increase.
• Multiple analysts have upgraded their ratings for MP Materials, with target prices ranging between $64.00 and $80.00, suggesting a consensus of a moderate buy on the stock.

HITE Hedge Asset Management LLC lowered its position in MP Materials Corp. (NYSE:MP - Free Report) by 31.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 263,909 shares of the company's stock after selling 121,937 shares during the period. HITE Hedge Asset Management LLC owned 0.16% of MP Materials worth $6,442,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of MP. JT Stratford LLC lifted its position in shares of MP Materials by 0.7% during the 4th quarter. JT Stratford LLC now owns 63,685 shares of the company's stock valued at $993,000 after acquiring an additional 424 shares during the period. CWM LLC lifted its position in shares of MP Materials by 16.5% during the first quarter. CWM LLC now owns 3,566 shares of the company's stock valued at $87,000 after purchasing an additional 505 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in MP Materials by 3.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 20,650 shares of the company's stock worth $322,000 after acquiring an additional 662 shares during the period. CENTRAL TRUST Co grew its position in MP Materials by 20.6% during the first quarter. CENTRAL TRUST Co now owns 3,965 shares of the company's stock valued at $97,000 after buying an additional 678 shares during the period. Finally, Delta Investment Management LLC increased its stake in shares of MP Materials by 3.6% during the 4th quarter. Delta Investment Management LLC now owns 22,025 shares of the company's stock worth $344,000 after purchasing an additional 767 shares during the last quarter. 52.55% of the stock is owned by institutional investors.

MP Materials Stock Performance

NYSE MP opened at $75.00 on Monday. The firm has a market cap of $13.28 billion, a price-to-earnings ratio of -119.05 and a beta of 2.30. The business has a 50-day moving average price of $49.32 and a 200-day moving average price of $32.71. 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 Corp. has a twelve month low of $11.89 and a twelve month high of $82.50.

MP Materials (NYSE:MP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.16) by $0.03. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The company had revenue of $57.39 million for the quarter, compared to the consensus estimate of $44.84 million. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. MP Materials's revenue was up 83.6% on a year-over-year basis. As a group, equities research analysts predict that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Jefferies Financial Group raised shares of MP Materials from a "hold" rating to a "buy" rating and set a $80.00 target price on the stock in a report on Friday, August 1st. JPMorgan Chase & Co. lifted their price objective on MP Materials from $18.00 to $64.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Cowen reaffirmed a "buy" rating on shares of MP Materials in a research note on Friday, August 8th. Canaccord Genuity Group raised their target price on shares of MP Materials from $64.00 to $77.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Finally, Cfra Research upgraded shares of MP Materials to a "moderate buy" rating in a report on Monday, August 11th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $60.63.

About MP Materials

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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