QRG Capital Management Inc. Buys Shares of 6,634 MP Materials Corp. $MP

Key Points

• QRG Capital Management Inc. purchased a new stake in MP Materials Corp., acquiring 6,634 shares worth approximately $221,000 in the second quarter.
• Insider trading revealed that COO Michael Stuart Rosenthal sold 150,000 shares of MP Materials for over $10.8 million, resulting in a 10.46% decrease in his ownership.
• Recent analyst ratings for MP Materials include a strong-buy from Daiwa America, and an increased price target latest set at $80.00 by Daiwa Capital Markets.

QRG Capital Management Inc. bought a new stake in shares of MP Materials Corp. (NYSE:MP - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,634 shares of the company's stock, valued at approximately $221,000.

Other hedge funds have also made changes to their positions in the company. Highline Wealth Partners LLC acquired a new position in shares of MP Materials during the second quarter valued at approximately $25,000. AdvisorNet Financial Inc increased its holdings in shares of MP Materials by 168.7% in the second quarter. AdvisorNet Financial Inc now owns 806 shares of the company's stock valued at $27,000 after purchasing an additional 506 shares during the last quarter. MAI Capital Management increased its holdings in shares of MP Materials by 132.7% in 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. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of MP Materials in the first quarter valued at approximately $35,000. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of MP Materials in the first quarter valued at approximately $35,000. Institutional investors and hedge funds own 52.55% of the company's stock.

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 completion of the transaction, the chief operating officer directly owned 1,284,409 shares in the company, valued at $92,503,136.18. This trade represents a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 12.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

MP has been the subject of several recent research reports. Wall Street Zen raised MP Materials from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Daiwa America raised MP Materials to a "strong-buy" rating in a report on Monday, September 22nd. Canaccord Genuity Group increased their price target on MP Materials from $64.00 to $77.00 and gave the company a "buy" rating in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft increased their price target on MP Materials from $20.00 to $69.00 and gave the company a "hold" rating in a report on Thursday, July 17th. Finally, Daiwa Capital Markets assumed coverage on MP Materials in a research note on Monday, September 22nd. They set an "outperform" rating and a $80.00 target price for the company. One investment 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 company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $74.00.

MP Materials Price Performance

MP stock opened at $78.59 on Monday. The business has a fifty day moving average of $69.91 and a two-hundred day moving average of $45.24. The company has a quick ratio of 3.12, a current ratio of 3.60 and a debt-to-equity ratio of 0.83. The stock has a market cap of $13.92 billion, a price-to-earnings ratio of -124.75 and a beta of 2.32. MP Materials Corp. has a 52-week low of $15.56 and a 52-week high of $84.92.

MP Materials (NYSE:MP - Get Free Report) last posted its earnings results 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 company had revenue of $57.39 million during the quarter, compared to analysts' expectations of $44.84 million. MP Materials had a negative return on equity of 9.34% and a negative net margin of 41.87%.The firm's quarterly revenue was up 83.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.17) earnings per share. As a group, research analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current year.

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.

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