QVT Financial LP Cuts Position in MP Materials Corp. $MP

Key Points

• QVT Financial LP has reduced its stake in MP Materials Corp. by 14.8%, holding 1,304,171 shares after selling 227,400 shares during the first quarter.
• Multiple institutions, including CWM LLC and JT Stratford LLC, have recently increased their positions in MP Materials, indicating strong interest in the stock.
• MP Materials reported a quarterly earnings beat with $57.39 million in revenue, surpassing estimates significantly and showing an 83.6% annual revenue increase.

QVT Financial LP decreased its stake in shares of MP Materials Corp. (NYSE:MP - Free Report) by 14.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,304,171 shares of the company's stock after selling 227,400 shares during the period. MP Materials makes up 2.9% of QVT Financial LP's investment portfolio, making the stock its 2nd largest holding. QVT Financial LP owned approximately 0.80% of MP Materials worth $31,835,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently modified their holdings of the stock. JT Stratford LLC boosted its stake in shares of MP Materials by 0.7% during the 4th quarter. JT Stratford LLC now owns 63,685 shares of the company's stock valued at $993,000 after purchasing an additional 424 shares in the last quarter. CWM LLC boosted its stake in shares of MP Materials by 16.5% during the 1st quarter. CWM LLC now owns 3,566 shares of the company's stock valued at $87,000 after purchasing an additional 505 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of MP Materials by 3.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 20,650 shares of the company's stock valued at $322,000 after purchasing an additional 662 shares in the last quarter. CENTRAL TRUST Co boosted its stake in shares of MP Materials by 20.6% during the 1st quarter. CENTRAL TRUST Co now owns 3,965 shares of the company's stock valued at $97,000 after purchasing an additional 678 shares in the last quarter. Finally, Delta Investment Management LLC boosted its stake in shares of MP Materials by 3.6% during the 4th quarter. Delta Investment Management LLC now owns 22,025 shares of the company's stock valued at $344,000 after purchasing an additional 767 shares in the last quarter. Institutional investors own 52.55% of the company's stock.

Analysts Set New Price Targets

MP has been the subject of a number of recent research reports. Morgan Stanley set a $65.00 price target on shares of MP Materials and gave the company an "equal weight" rating in a research report on Thursday, July 31st. Jefferies Financial Group raised shares of MP Materials from a "hold" rating to a "buy" rating and set a $80.00 price target for the company in a research report on Friday, August 1st. Canaccord Genuity Group lifted their price target on shares of MP Materials from $64.00 to $77.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Cowen reissued a "buy" rating on shares of MP Materials in a research report on Friday, August 8th. Finally, Robert W. Baird lifted their price target on shares of MP Materials from $52.00 to $69.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $60.63.

Insider Buying and Selling at MP Materials

In other MP Materials news, COO Michael Stuart Rosenthal sold 150,000 shares of the company's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $72.02, for a total value 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 represents a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 9.50% of the stock is currently owned by insiders.

MP Materials Stock Down 3.1%

MP opened at $71.19 on Friday. 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 firm has a 50 day moving average price of $56.95 and a 200-day moving average price of $35.88. MP Materials Corp. has a twelve month low of $12.39 and a twelve month high of $82.50. The stock has a market capitalization of $12.61 billion, a price-to-earnings ratio of -113.00 and a beta of 2.30.

MP Materials (NYSE:MP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.03. The firm had revenue of $57.39 million during the quarter, compared to analysts' expectations of $44.84 million. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The firm's quarterly revenue was up 83.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.17) earnings per share. Equities research analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.