MP Materials Corp. $MP Shares Purchased by State of Alaska Department of Revenue

Key Points

• The State of Alaska Department of Revenue increased its holdings in MP Materials Corp. by 7.5%, acquiring a total of 71,960 shares valued at approximately $2.39 million.
• Institutional investors are heavily investing in MP Materials, with companies like Vanguard and Invesco significantly growing their positions, resulting in 52.55% of the stock being held by institutions.
• MP Materials recently reported quarterly earnings showing revenue growth of 83.6% year-over-year, with earnings per share exceeding analysts' expectations.

State of Alaska Department of Revenue grew its holdings in MP Materials Corp. (NYSE:MP - Free Report) by 7.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 71,960 shares of the company's stock after acquiring an additional 5,041 shares during the period. State of Alaska Department of Revenue's holdings in MP Materials were worth $2,394,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in MP Materials by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 13,662,567 shares of the company's stock worth $333,503,000 after purchasing an additional 942,105 shares during the period. Invesco Ltd. grew its position in MP Materials by 25.3% during the 1st quarter. Invesco Ltd. now owns 2,655,102 shares of the company's stock worth $64,811,000 after purchasing an additional 536,522 shares during the period. BNP Paribas Financial Markets grew its position in MP Materials by 73.7% during the 1st quarter. BNP Paribas Financial Markets now owns 1,657,299 shares of the company's stock worth $40,455,000 after purchasing an additional 703,042 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in MP Materials by 429.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,550,124 shares of the company's stock worth $37,839,000 after purchasing an additional 1,257,282 shares during the period. Finally, Driehaus Capital Management LLC acquired a new stake in MP Materials during the 1st quarter worth about $34,288,000. Hedge funds and other institutional investors own 52.55% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MP. Benchmark reaffirmed a "buy" rating on shares of MP Materials in a research report on Friday, August 29th. Canaccord Genuity Group increased their price target on MP Materials from $64.00 to $77.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Daiwa America raised MP Materials to a "strong-buy" rating in a research report on Monday, September 22nd. Morgan Stanley set a $65.00 price target on MP Materials and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Finally, Wall Street Zen raised MP Materials from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $68.33.

Insiders Place Their Bets

In related news, COO Michael Stuart Rosenthal sold 150,000 shares of the firm's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $72.02, for a total value of $10,803,000.00. Following 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 filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 9.50% of the company's stock.

MP Materials Trading Up 0.7%

Shares of MP Materials stock opened at $67.55 on Thursday. The firm has a market capitalization of $11.96 billion, a PE ratio of -107.22 and a beta of 2.32. MP Materials Corp. has a twelve month low of $15.56 and a twelve month high of $82.50. The firm's 50-day moving average price is $68.35 and its 200 day moving average price is $42.73. The company has a current ratio of 3.60, a quick ratio of 3.12 and a debt-to-equity ratio of 0.83.

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 for the quarter, beating analysts' consensus estimates of ($0.16) by $0.03. The firm had revenue of $57.39 million for the quarter, compared to analyst estimates of $44.84 million. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. MP Materials's quarterly revenue was up 83.6% compared to the same quarter last year. During the same period last year, the company posted ($0.17) EPS. On average, sell-side analysts predict that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

MP Materials 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.