Janney Montgomery Scott LLC Grows Stock Holdings in MP Materials Corp. $MP

Key Points

• Janney Montgomery Scott LLC boosted its stake in MP Materials by 28.8% in the first quarter, adding 17,646 shares to bring its total holdings to 78,951 shares valued at about $3.81 million.
• MP Materials shares were down 5.4% in Tuesday trading to $50.16, leaving the company with an $8.93 billion market cap and a 52-week range of $29.58 to $100.25.
• The company recently beat quarterly earnings and revenue expectations, reporting EPS of $0.03 versus an expected loss and revenue of $90.65 million, while analysts currently maintain a consensus Buy rating with an average price target of $80.14.

Janney Montgomery Scott LLC increased its position in MP Materials Corp. (NYSE:MP - Free Report) by 28.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 78,951 shares of the company's stock after acquiring an additional 17,646 shares during the period. Janney Montgomery Scott LLC's holdings in MP Materials were worth $3,810,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. EMC Capital Management purchased a new position in MP Materials during the 4th quarter valued at about $25,000. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of MP Materials during the 4th quarter worth approximately $26,000. REAP Financial Group LLC purchased a new stake in MP Materials in the 4th quarter valued at approximately $26,000. Financial Consulate Inc. grew its holdings in MP Materials by 555.3% during the 4th quarter. Financial Consulate Inc. now owns 557 shares of the company's stock valued at $28,000 after buying an additional 472 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in MP Materials during the fourth quarter worth $28,000. Hedge funds and other institutional investors own 52.55% of the company's stock.

MP Materials Trading Down 5.4%

MP stock traded down $2.85 during midday trading on Tuesday, reaching $50.16. 1,112,058 shares of the company's stock traded hands, compared to its average volume of 6,672,359. The company has a market capitalization of $8.93 billion, a P/E ratio of -120.34 and a beta of 1.86. The company has a debt-to-equity ratio of 0.47, a current ratio of 7.18 and a quick ratio of 6.58. MP Materials Corp. has a fifty-two week low of $29.58 and a fifty-two week high of $100.25. The business has a 50-day moving average price of $61.12 and a two-hundred day moving average price of $59.42.

MP Materials (NYSE:MP - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.04. MP Materials had a negative net margin of 28.00% and a negative return on equity of 2.27%. The business had revenue of $90.65 million for the quarter, compared to analyst estimates of $74.82 million. During the same quarter in the previous year, the business posted ($0.12) EPS. The business's quarterly revenue was up 49.1% on a year-over-year basis. Equities research analysts forecast that MP Materials Corp. will post -0.04 EPS for the current fiscal year.

Insider Activity

In related news, CFO Ryan Corbett sold 20,000 shares of the firm's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $75.00, for a total transaction of $1,500,000.00. Following the completion of the sale, the chief financial officer directly owned 109,017 shares of the company's stock, valued at approximately $8,176,275. This trade represents a 15.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Michael Stuart Rosenthal acquired 10,000 shares of the business's stock in a transaction on Tuesday, June 9th. The stock was purchased at an average price of $54.30 per share, for a total transaction of $543,000.00. Following the acquisition, the chief operating officer directly owned 136,622 shares in the company, valued at $7,418,574.60. This represents a 7.90% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 1,205,167 shares of company stock worth $79,371,654 over the last 90 days. Company insiders own 8.20% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Canaccord Genuity Group set a $82.00 price objective on MP Materials in a research report on Friday, May 8th. Needham & Company LLC initiated coverage on MP Materials in a research report on Monday, June 1st. They set a "buy" rating and a $81.00 price objective for the company. Barclays started coverage on shares of MP Materials in a report on Thursday, May 21st. They issued an "overweight" rating and a $69.00 target price on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of MP Materials in a research note on Tuesday, April 21st. Finally, DA Davidson reiterated a "buy" rating and set a $82.00 price target on shares of MP Materials in a report on Friday, June 5th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $80.14.

About MP Materials

MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.

The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.

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