Evergreen Capital Management LLC Cuts Holdings in MP Materials Corp. $MP

Key Points

• Evergreen Capital Management LLC reduced its stake in MP Materials by 19.4%, now holding 18,297 shares valued at approximately $447,000.
• Analysts have upgraded MP Materials, with target prices raised by firms including JPMorgan Chase and Canaccord Genuity, indicating a consensus price target of $66.88.
• MP Materials reported a quarterly EPS of ($0.13), beating expectations, and witnessed a significant revenue increase of 83.6% year-over-year.

Evergreen Capital Management LLC lessened its holdings in shares of MP Materials Corp. (NYSE:MP - Free Report) by 19.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,297 shares of the company's stock after selling 4,417 shares during the quarter. Evergreen Capital Management LLC's holdings in MP Materials were worth $447,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of MP Materials by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 13,662,567 shares of the company's stock valued at $333,503,000 after buying an additional 942,105 shares in the last quarter. Invesco Ltd. lifted its stake in shares of MP Materials by 25.3% during the 1st quarter. Invesco Ltd. now owns 2,655,102 shares of the company's stock valued at $64,811,000 after buying an additional 536,522 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of MP Materials by 8.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,207,017 shares of the company's stock valued at $34,433,000 after buying an additional 176,121 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of MP Materials by 73.7% during the 1st quarter. BNP Paribas Financial Markets now owns 1,657,299 shares of the company's stock valued at $40,455,000 after buying an additional 703,042 shares in the last quarter. Finally, Driehaus Capital Management LLC purchased a new position in MP Materials in the 1st quarter worth approximately $34,288,000. Hedge funds and other institutional investors own 52.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on MP shares. Morgan Stanley set a $65.00 price target on shares of MP Materials and gave the stock an "equal weight" rating in a research note on Thursday, July 31st. Wall Street Zen upgraded MP Materials from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Benchmark restated a "buy" rating on shares of MP Materials in a report on Friday, August 29th. DA Davidson increased their price objective on shares of MP Materials from $32.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Canaccord Genuity Group increased their price objective 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. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $66.88.

MP Materials Trading Down 2.3%

Shares of NYSE:MP traded down $1.49 during trading on Thursday, reaching $64.50. 5,540,625 shares of the company were exchanged, compared to its average volume of 9,269,277. The firm has a market capitalization of $11.42 billion, a PE ratio of -102.26 and a beta of 2.32. The business's fifty day simple moving average is $58.91 and its 200-day simple moving average is $36.71. MP Materials Corp. has a 12-month low of $13.20 and a 12-month high of $82.50. 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 earnings results on Thursday, August 7th. The company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.16) by $0.03. The business 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%. The company'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) earnings per share. On average, research analysts anticipate that MP Materials Corp. will post -0.19 EPS for the current year.

Insider Activity 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 transaction, the chief operating officer owned 1,284,409 shares in the company, valued at approximately $92,503,136.18. This trade represents a 10.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 9.50% of the company's stock.

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.