MP Materials Corp. $MP Stock Position Reduced by Advisors Asset Management Inc.

Key Points

• Advisors Asset Management Inc. reduced its stake in MP Materials Corp. by 27.6%, selling 10,906 shares and retaining 28,576 shares valued at $698,000.
• Multiple institutional investors, including Amundi and Flputnam Investment Management Co., significantly increased their positions in MP Materials during the first quarter, indicating strong interest in the stock.
• MP Materials reported a quarterly revenue increase of 83.6% year-over-year, with earnings per share of ($0.13), surpassing consensus estimates.

Advisors Asset Management Inc. cut its stake in shares of MP Materials Corp. (NYSE:MP - Free Report) by 27.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 28,576 shares of the company's stock after selling 10,906 shares during the period. Advisors Asset Management Inc.'s holdings in MP Materials were worth $698,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Amundi boosted its position in MP Materials by 561.2% during the first quarter. Amundi now owns 80,662 shares of the company's stock valued at $2,002,000 after purchasing an additional 68,462 shares during the last quarter. Flputnam Investment Management Co. boosted its position in MP Materials by 621.0% during the first quarter. Flputnam Investment Management Co. now owns 177,326 shares of the company's stock valued at $4,329,000 after purchasing an additional 152,730 shares during the last quarter. Royal Bank of Canada boosted its position in MP Materials by 26.5% during the first quarter. Royal Bank of Canada now owns 234,185 shares of the company's stock valued at $5,716,000 after purchasing an additional 49,052 shares during the last quarter. MAI Capital Management boosted its position in 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. Finally, Twin Tree Management LP acquired a new stake in MP Materials during the first quarter valued at $87,000. 52.55% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MP Materials

In related news, COO Michael Stuart Rosenthal sold 150,000 shares of the business's 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 transaction, the chief operating officer owned 1,284,409 shares of the company's stock, valued at approximately $92,503,136.18. The trade was a 10.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 12.60% of the company's stock.

MP Materials Price Performance

NYSE MP opened at $63.23 on Wednesday. The company has a current ratio of 3.60, a quick ratio of 3.12 and a debt-to-equity ratio of 0.83. The company has a fifty day simple moving average of $61.30 and a 200 day simple moving average of $37.91. The company has a market cap of $11.20 billion, a P/E ratio of -100.37 and a beta of 2.32. MP Materials Corp. has a 1 year low of $13.20 and a 1 year high of $82.50.

MP Materials (NYSE:MP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.03. The business had revenue of $57.39 million during the quarter, compared to the consensus estimate 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 in the prior year, the firm earned ($0.17) EPS. On average, sell-side analysts predict that MP Materials Corp. will post -0.19 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MP. Deutsche Bank Aktiengesellschaft lifted their price objective on MP Materials from $20.00 to $69.00 and gave the company a "hold" rating in a research report on Thursday, July 17th. Cfra Research raised MP Materials to a "moderate buy" rating in a research report on Monday, August 11th. Robert W. Baird lifted their price objective on MP Materials from $52.00 to $69.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Wall Street Zen raised MP Materials from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, DA Davidson boosted their price target on MP Materials from $32.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday, September 2nd. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.88.

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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