MP Materials Corp. $MP Shares Purchased by Tcfg Wealth Management LLC

Key Points

• Tcfg Wealth Management LLC increased its stake in MP Materials Corp. by 106.7% in Q2, acquiring a total of 18,015 shares valued at approximately $599,000.
• Insider selling occurred when COO Michael Stuart Rosenthal sold 150,000 shares for over $10.8 million, reducing their ownership by 10.46%.
• MP Materials reported earnings better than expected for the last quarter, with revenue of $57.39 million, an increase of 83.6% compared to the same period last year.

Tcfg Wealth Management LLC grew its position in MP Materials Corp. (NYSE:MP - Free Report) by 106.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 18,015 shares of the company's stock after purchasing an additional 9,300 shares during the period. Tcfg Wealth Management LLC's holdings in MP Materials were worth $599,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Chung Wu Investment Group LLC bought a new position in MP Materials in the 2nd quarter worth approximately $136,000. Valeo Financial Advisors LLC acquired a new position in MP Materials during the 2nd quarter worth $14,998,000. Knights of Columbus Asset Advisors LLC boosted its position in MP Materials by 47.3% during the 2nd quarter. Knights of Columbus Asset Advisors LLC now owns 38,622 shares of the company's stock worth $1,285,000 after acquiring an additional 12,401 shares during the period. DAVENPORT & Co LLC grew its stake in shares of MP Materials by 3.7% in the second quarter. DAVENPORT & Co LLC now owns 25,474 shares of the company's stock worth $848,000 after purchasing an additional 899 shares in the last quarter. Finally, QRG Capital Management Inc. acquired a new position in shares of MP Materials during the second quarter valued at $221,000. Institutional investors own 52.55% of the company's stock.

Insider Buying and Selling at MP Materials

In other news, COO Michael Stuart Rosenthal sold 150,000 shares of the firm's 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 sale, the chief operating officer directly owned 1,284,409 shares of the company's stock, valued at $92,503,136.18. This trade represents a 10.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 12.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of MP Materials from $20.00 to $69.00 and gave the company a "hold" rating in a research note on Thursday, July 17th. Canaccord Genuity Group boosted their price target on shares of MP Materials from $64.00 to $77.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. JPMorgan Chase & Co. increased their price objective on shares of MP Materials from $18.00 to $64.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Daiwa Capital Markets began coverage on shares of MP Materials in a research note on Monday, September 22nd. They set an "outperform" rating and a $80.00 price objective on the stock. Finally, DA Davidson upped their target price on MP Materials from $32.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $68.33.

MP Materials Stock Performance

Shares of MP opened at $74.57 on Tuesday. 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's 50 day moving average is $68.93 and its 200-day moving average is $43.92. MP Materials Corp. has a 12-month low of $15.56 and a 12-month high of $82.50. The stock has a market capitalization of $13.21 billion, a P/E ratio of -118.37 and a beta of 2.32.

MP Materials (NYSE:MP - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.16) by $0.03. The firm had revenue of $57.39 million during the quarter, compared to analysts' expectations of $44.84 million. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The firm's revenue for the quarter was up 83.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.17) earnings per share. Equities research analysts anticipate that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

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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