Rhumbline Advisers Sells 9,688 Shares of MP Materials Corp. $MP

Key Points

• Rhumbline Advisers reduced its stake in MP Materials Corp. by 3.4%, holding 277,357 shares valued at approximately $6.77 million.
• Several institutional investors, including Vanguard Group and BNP Paribas Financial Markets, increased their holdings, with Vanguard raising its stake by 7.4% to over 13.6 million shares valued at $333.5 million.
• MP Materials reported revenue of $57.39 million for the last quarter, significantly exceeding estimates and marking an 83.6% increase year-over-year.

Rhumbline Advisers cut its stake in shares of MP Materials Corp. (NYSE:MP - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 277,357 shares of the company's stock after selling 9,688 shares during the period. Rhumbline Advisers owned 0.17% of MP Materials worth $6,770,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MP. Vanguard Group Inc. increased its holdings in MP Materials by 7.4% in the 1st quarter. Vanguard Group Inc. now owns 13,662,567 shares of the company's stock worth $333,503,000 after buying an additional 942,105 shares in the last quarter. Invesco Ltd. grew its holdings in MP Materials by 25.3% in the first quarter. Invesco Ltd. now owns 2,655,102 shares of the company's stock valued at $64,811,000 after purchasing an additional 536,522 shares during the period. BNP Paribas Financial Markets lifted its position in shares of MP Materials by 73.7% in the first quarter. BNP Paribas Financial Markets now owns 1,657,299 shares of the company's stock valued at $40,455,000 after acquiring an additional 703,042 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of MP Materials by 429.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,550,124 shares of the company's stock valued at $37,839,000 after buying an additional 1,257,282 shares in the last quarter. Finally, Driehaus Capital Management LLC purchased a new stake in MP Materials during the 1st quarter worth about $34,288,000. Hedge funds and other institutional investors own 52.55% of the company's stock.

Insider Activity at MP Materials

In related news, COO Michael Stuart Rosenthal sold 150,000 shares of MP Materials 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 of the company's stock, valued at approximately $92,503,136.18. The trade was a 10.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 12.60% of the stock is owned by corporate insiders.

MP Materials Price Performance

Shares of MP stock traded up $0.58 on Friday, reaching $63.61. The company's stock had a trading volume of 5,951,207 shares, compared to its average volume of 8,579,947. MP Materials Corp. has a 1 year low of $13.45 and a 1 year high of $82.50. The company has a market capitalization of $11.26 billion, a price-to-earnings ratio of -100.96 and a beta of 2.32. The stock's fifty day simple moving average is $63.17 and its 200-day simple moving average is $38.83. The company has a current ratio of 3.60, a quick ratio of 3.12 and a debt-to-equity ratio of 0.83.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on MP shares. JPMorgan Chase & Co. increased their target price on MP Materials from $18.00 to $64.00 and gave the company a "neutral" rating in a report on Monday, July 21st. DA Davidson boosted their target price on shares of MP Materials from $32.00 to $82.00 and gave the stock a "buy" rating in a research report on Tuesday, September 2nd. Canaccord Genuity Group raised their price objective on shares of MP Materials from $64.00 to $77.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Wall Street Zen raised shares of MP Materials from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Cowen reissued a "buy" rating on shares of MP Materials in a research note on Friday, August 8th. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, MP Materials presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.88.

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.