MP Materials Corp. $MP Shares Purchased by IFP Advisors Inc

Key Points

• IFP Advisors Inc significantly increased its holdings in MP Materials Corp. by 890.5% in the second quarter, owning 29,417 shares valued at approximately $1,045,000.
• Several research firms have boosted their price targets for MP Materials, with DA Davidson raising it to $82.00 and Robert W. Baird to $69.00, reflecting a positive outlook on the company's stock performance.
• MP Materials reported a revenue increase of 83.6% year-over-year in its last earnings announcement, with earnings per share beating expectations at ($0.13), compared to a consensus estimate of ($0.16).

IFP Advisors Inc increased its holdings in shares of MP Materials Corp. (NYSE:MP - Free Report) by 890.5% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,417 shares of the company's stock after purchasing an additional 26,447 shares during the quarter. IFP Advisors Inc's holdings in MP Materials were worth $1,045,000 as of its most recent filing with the SEC.

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MP. Robert W. Baird increased their target price on MP Materials from $52.00 to $69.00 and gave the company an "outperform" rating in a research note on Wednesday, July 23rd. Cfra Research upgraded MP Materials to a "moderate buy" rating in a research note on Monday, August 11th. DA Davidson raised their price objective on MP Materials from $32.00 to $82.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Canaccord Genuity Group raised their price objective on MP Materials from $64.00 to $77.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Finally, Morgan Stanley set a $69.00 target price on MP Materials in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $74.00.

MP Materials Price Performance

NYSE MP opened at $78.59 on Monday. The company has a 50 day simple moving average of $69.91 and a 200-day simple moving average of $45.24. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.60 and a quick ratio of 3.12. The firm has a market capitalization of $13.92 billion, a price-to-earnings ratio of -124.75 and a beta of 2.32. MP Materials Corp. has a 52-week low of $15.56 and a 52-week high of $84.92.

MP Materials (NYSE:MP - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.03. The business 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 revenue was up 83.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.17) EPS. Equities research analysts predict that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Insider Activity

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 transaction of $10,803,000.00. Following the completion of the sale, the chief operating officer directly owned 1,284,409 shares in the company, valued at $92,503,136.18. The trade was a 10.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 12.60% of the stock is currently owned by corporate insiders.

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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