Raymond James Financial Inc. Sells 30,916 Shares of MP Materials Corp. $MP

Key Points

• Raymond James Financial Inc. reduced its stake in MP Materials Corp. by 7.7%, owning 371,902 shares worth approximately $9.08 million after selling 30,916 shares in the first quarter.
• MP Materials reported quarterly earnings of ($0.13) EPS, beating estimates, with revenues of $57.39 million, reflecting an 83.6% year-on-year increase.
• Analysts have set new price targets for MP Materials, with Robert W. Baird and Deutsche Bank both increasing their price targets to $69.00, reflecting a generally positive outlook on the stock.

Raymond James Financial Inc. reduced its position in shares of MP Materials Corp. (NYSE:MP - Free Report) by 7.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 371,902 shares of the company's stock after selling 30,916 shares during the period. Raymond James Financial Inc. owned 0.23% of MP Materials worth $9,078,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its stake in shares of MP Materials by 3.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 20,650 shares of the company's stock worth $322,000 after buying an additional 662 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in MP Materials by 8.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,207,017 shares of the company's stock worth $34,433,000 after acquiring an additional 176,121 shares during the period. State of Tennessee Department of Treasury boosted its position in MP Materials by 4,671.2% in the fourth quarter. State of Tennessee Department of Treasury now owns 29,677 shares of the company's stock worth $463,000 after purchasing an additional 29,055 shares during the last quarter. Northern Trust Corp grew its stake in MP Materials by 23.6% in the 4th quarter. Northern Trust Corp now owns 978,284 shares of the company's stock valued at $15,261,000 after purchasing an additional 186,748 shares during the period. Finally, BNP Paribas Financial Markets purchased a new stake in shares of MP Materials during the 4th quarter valued at $14,886,000. Hedge funds and other institutional investors own 52.55% of the company's stock.

MP Materials Stock Performance

MP traded down $2.03 on Thursday, hitting $63.96. The company's stock had a trading volume of 2,353,064 shares, compared to its average volume of 9,244,379. MP Materials Corp. has a 12 month low of $13.20 and a 12 month high of $82.50. The firm has a market cap of $11.33 billion, a P/E ratio of -101.38 and a beta of 2.32. 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 company's 50 day simple moving average is $58.91 and its 200-day simple moving average is $36.71.

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 firm had revenue of $57.39 million for the quarter, compared to the consensus estimate of $44.84 million. MP Materials had a negative return on equity of 9.34% and a negative net margin of 41.87%.The business's quarterly revenue was up 83.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.17) earnings per share. Analysts forecast that MP Materials Corp. will post -0.19 EPS for the current year.

Insider Buying and Selling

In other MP Materials news, COO Michael Stuart Rosenthal sold 150,000 shares of MP Materials 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 $92,503,136.18. The trade was a 10.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 9.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on shares of MP Materials from $20.00 to $69.00 and gave the stock a "hold" rating in a report on Thursday, July 17th. JPMorgan Chase & Co. raised 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, July 21st. Wall Street Zen upgraded MP Materials from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Benchmark reissued a "buy" rating on shares of MP Materials in a report on Friday, August 29th. Finally, Robert W. Baird boosted their target price on MP Materials from $52.00 to $69.00 and gave the company an "outperform" rating in a research note on Wednesday, July 23rd. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $66.88.

MP Materials 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.