MP Materials Corp. (NYSE:MP) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lowered its holdings in shares of MP Materials Corp. (NYSE:MP - Free Report) by 4.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 653,845 shares of the company's stock after selling 28,474 shares during the period. Pinnacle Associates Ltd. owned 0.40% of MP Materials worth $15,960,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its position in MP Materials by 44.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,537,511 shares of the company's stock worth $101,986,000 after buying an additional 2,005,505 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in MP Materials during the 4th quarter valued at about $14,886,000. Raymond James Financial Inc. purchased a new position in MP Materials during the 4th quarter valued at about $6,284,000. HITE Hedge Asset Management LLC purchased a new position in MP Materials during the 4th quarter valued at about $6,019,000. Finally, Two Sigma Advisers LP purchased a new stake in shares of MP Materials during the fourth quarter worth about $5,524,000. Institutional investors and hedge funds own 52.55% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Canaccord Genuity Group lifted their price target on shares of MP Materials from $27.00 to $55.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Jefferies Financial Group reaffirmed a "hold" rating and set a $33.00 price target (up from $32.00) on shares of MP Materials in a research report on Monday, July 7th. Morgan Stanley raised shares of MP Materials from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $23.00 to $34.00 in a research report on Thursday, June 5th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of MP Materials from $20.00 to $69.00 and gave the stock a "hold" rating in a research report on Thursday, July 17th. Finally, JPMorgan Chase & Co. lifted their price target on shares of MP Materials from $18.00 to $64.00 and gave the stock a "neutral" rating in a research note on Monday. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $46.11.

MP Materials Stock Performance

MP stock traded up $0.38 during trading on Thursday, hitting $61.52. 8,720,083 shares of the company's stock traded hands, compared to its average volume of 22,596,174. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $65.05. The stock has a market capitalization of $10.06 billion, a price-to-earnings ratio of -94.64 and a beta of 2.26. The company has a quick ratio of 3.58, a current ratio of 4.12 and a debt-to-equity ratio of 0.81. The stock has a fifty day moving average price of $34.26 and a two-hundred day moving average price of $27.27.

MP Materials (NYSE:MP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). MP Materials had a negative net margin of 48.41% and a negative return on equity of 9.77%. The firm had revenue of $60.81 million for the quarter, compared to analyst estimates of $64.74 million. During the same period last year, the firm posted ($0.04) EPS. The business's revenue was up 24.9% compared to the same quarter last year. As a group, equities 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.