MP Materials Corp. $MP Shares Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC significantly increased its holdings in MP Materials Corp. by 1,409.8%, acquiring 119,328 additional shares during the second quarter, totaling 127,792 shares valued at approximately $4.02 million.
• Analysts have raised MP Materials' target price, with Bank of America increasing it from $78.00 to $112.00, while the stock currently has a consensus rating of "Moderate Buy" and a target price of $77.80.
• COO Michael Stuart Rosenthal sold 150,000 shares at an average price of $72.02, marking a 10.46% decrease in his holdings, which are now valued at approximately $92.5 million.

Allspring Global Investments Holdings LLC raised its position in shares of MP Materials Corp. (NYSE:MP - Free Report) by 1,409.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 127,792 shares of the company's stock after buying an additional 119,328 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.08% of MP Materials worth $4,024,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Highline Wealth Partners LLC acquired a new stake in MP Materials during the second quarter valued at approximately $25,000. AdvisorNet Financial Inc raised its stake in MP Materials by 168.7% during the second quarter. AdvisorNet Financial Inc now owns 806 shares of the company's stock valued at $27,000 after buying an additional 506 shares in the last quarter. MAI Capital Management grew its holdings in shares of MP Materials by 132.7% during the first quarter. MAI Capital Management now owns 1,403 shares of the company's stock valued at $34,000 after purchasing an additional 800 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of MP Materials during the first quarter valued at approximately $35,000. Finally, Banque Cantonale Vaudoise bought a new position in shares of MP Materials during the first quarter valued at approximately $35,000. Institutional investors and hedge funds own 52.55% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Bank of America upped their target price on MP Materials from $78.00 to $112.00 and gave the company a "buy" rating in a report on Wednesday, October 15th. Deutsche Bank Aktiengesellschaft upped their target price on MP Materials from $20.00 to $69.00 and gave the company a "hold" rating in a report on Thursday, July 17th. Wall Street Zen raised MP Materials from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Jefferies Financial Group raised MP Materials from a "hold" rating to a "buy" rating and set a $80.00 target price for the company in a report on Friday, August 1st. Finally, BMO Capital Markets initiated coverage on MP Materials in a report on Thursday, October 9th. They set a "market perform" rating and a $76.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, MP Materials presently has an average rating of "Moderate Buy" and a consensus price target of $77.80.

Insider Transactions at MP Materials

In other MP Materials news, COO Michael Stuart Rosenthal sold 150,000 shares of the stock in a transaction on Friday, August 29th. The stock was 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 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 12.60% of the company's stock.

MP Materials Stock Performance

Shares of MP stock opened at $82.94 on Tuesday. MP Materials Corp. has a 12-month low of $15.56 and a 12-month high of $100.25. The firm has a market capitalization of $14.69 billion, a price-to-earnings ratio of -131.65 and a beta of 2.32. The business has a 50 day simple moving average of $72.14 and a 200 day simple moving average of $47.92. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.60 and a quick ratio of 3.12.

MP Materials (NYSE:MP - Get Free Report) last issued 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. The firm 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 firm's quarterly revenue was up 83.6% on a year-over-year basis. During the same period last year, the company posted ($0.17) EPS. On average, equities research analysts anticipate that MP Materials Corp. will post -0.19 EPS for the current year.

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.

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