Pinnacle Associates Ltd. Acquires 110,437 Shares of MP Materials Corp. $MP

Key Points

• Pinnacle Associates increased its MP Materials stake by 31.3% in the third quarter, purchasing 110,437 shares and bringing its total holdings to 463,306 shares valued at approximately $21.9 million. Institutional investors collectively own 52.55% of the company.
• Analyst sentiment remains mixed but leans positive: MP Materials has a consensus rating of “Moderate Buy” and an average price target of $71.92, despite downgrades from Zacks Research and Weiss Ratings.
• MP Materials reported quarterly revenue of $108.49 million, up 89% year over year and above estimates, while matching the expected loss of $0.01 per share. The stock opened at $39.02, near its 52-week low of $37.81.

Pinnacle Associates Ltd. lifted its holdings in shares of MP Materials Corp. (NYSE:MP - Free Report) by 31.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 463,306 shares of the company's stock after purchasing an additional 110,437 shares during the quarter. Pinnacle Associates Ltd. owned approximately 0.26% of MP Materials worth $21,910,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Toth Financial Advisory Corp boosted its holdings in MP Materials by 73.3% in the second quarter. Toth Financial Advisory Corp now owns 520 shares of the company's stock worth $29,000 after purchasing an additional 220 shares in the last quarter. Wedmont Private Capital increased its position in MP Materials by 2.0% during the third quarter. Wedmont Private Capital now owns 11,866 shares of the company's stock worth $547,000 after buying an additional 234 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. increased its position in MP Materials by 3.7% during the first quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 6,643 shares of the company's stock worth $321,000 after buying an additional 240 shares during the last quarter. Allworth Financial LP raised its holdings in MP Materials by 4.5% during the second quarter. Allworth Financial LP now owns 5,679 shares of the company's stock valued at $318,000 after buying an additional 243 shares in the last quarter. Finally, NFSG Corp raised its holdings in MP Materials by 5.0% during the first quarter. NFSG Corp now owns 5,387 shares of the company's stock valued at $260,000 after buying an additional 255 shares in the last quarter. Institutional investors own 52.55% of the company's stock.

Analyst Upgrades and Downgrades

MP has been the subject of a number of analyst reports. Zacks Research cut MP Materials from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 26th. Deutsche Bank Aktiengesellschaft decreased their price target on MP Materials from $70.00 to $61.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Citigroup reissued a "positive" rating on shares of MP Materials in a report on Wednesday, July 15th. DA Davidson reissued a "buy" rating and issued a $82.00 price objective on shares of MP Materials in a research note on Monday, August 24th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of MP Materials in a research note on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, MP Materials has an average rating of "Moderate Buy" and a consensus target price of $71.92.

MP Materials Price Performance

Shares of MP Materials stock opened at $39.02 on Wednesday. The firm has a fifty day simple moving average of $50.62 and a 200-day simple moving average of $54.49. The company has a current ratio of 9.51, a quick ratio of 8.56 and a debt-to-equity ratio of 0.48. MP Materials Corp. has a 1-year low of $37.81 and a 1-year high of $80.89. The stock has a market capitalization of $6.95 billion, a price-to-earnings ratio of -114.75 and a beta of 1.98.

MP Materials (NYSE:MP - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). MP Materials had a negative net margin of 19.85% and a negative return on equity of 1.21%. The business had revenue of $108.49 million during the quarter, compared to the consensus estimate of $96.89 million. During the same period in the prior year, the firm earned ($0.13) EPS. MP Materials's quarterly revenue was up 89.0% compared to the same quarter last year. On average, sell-side analysts expect that MP Materials Corp. will post -0.20 earnings per share for the current year.

MP Materials Company Profile

MP Materials Corp. is a rare earth materials company focused on restoring and expanding a fully integrated rare earth supply chain in the United States. The company owns and operates the Mountain Pass rare earth mine and processing facility in California, one of the largest rare earth production sites in the Western Hemisphere.

MP Materials primarily produces rare earth concentrate containing neodymium and praseodymium, elements used in high-strength permanent magnets. These magnets are important components in electric vehicles, wind turbines, robotics, defense systems, and other advanced technologies.

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