Sciencast Management LP Buys 12,189 Shares of MP Materials Corp. $MP

Key Points

• Sciencast Management LP increased its stake in MP Materials Corp. by 78.8% during the first quarter, now owning 27,659 shares valued at approximately $675,000.
• Multiple institutional investors, including GAMMA Investing LLC and Allspring Global Investments, have significantly boosted their holdings in MP Materials, indicating growing confidence in the company.
• MP Materials reported earnings of ($0.13) per share for the last quarter, exceeding analysts' expectations, with revenues up 83.6% compared to the prior year.

Sciencast Management LP boosted its stake in shares of MP Materials Corp. (NYSE:MP - Free Report) by 78.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 27,659 shares of the company's stock after buying an additional 12,189 shares during the period. Sciencast Management LP's holdings in MP Materials were worth $675,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. NBC Securities Inc. lifted its position in shares of MP Materials by 119,900.0% in the first quarter. NBC Securities Inc. now owns 1,200 shares of the company's stock worth $29,000 after purchasing an additional 1,199 shares in the last quarter. MAI Capital Management lifted its position 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 worth $34,000 after purchasing an additional 800 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of MP Materials in the first quarter worth $35,000. Banque Cantonale Vaudoise bought a new stake in shares of MP Materials in the first quarter worth $35,000. Finally, IFP Advisors Inc lifted its position in shares of MP Materials by 47.8% in the first quarter. IFP Advisors Inc now owns 2,970 shares of the company's stock worth $76,000 after purchasing an additional 960 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MP has been the topic of a number of research reports. Morgan Stanley set a $65.00 price objective on shares of MP Materials and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. boosted their target price on shares of MP Materials from $18.00 to $64.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Jefferies Financial Group raised shares of MP Materials from a "hold" rating to a "buy" rating and set a $80.00 target price for the company in a report on Friday, August 1st. DA Davidson increased their target price on shares of MP Materials from $32.00 to $82.00 and gave the stock a "buy" rating in a report on Tuesday, September 2nd. Finally, Wall Street Zen raised MP Materials from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Six investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.88.

Insider Activity

In other news, COO Michael Stuart Rosenthal sold 150,000 shares of the business's stock in a transaction that occurred 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 9.50% of the company's stock.

MP Materials Price Performance

NYSE:MP traded up $0.90 during mid-day trading on Thursday, reaching $63.34. The stock had a trading volume of 7,682,818 shares, compared to its average volume of 9,237,702. The firm has a 50 day moving average price of $61.90 and a two-hundred day moving average price of $38.07. The stock has a market capitalization of $11.22 billion, a P/E ratio of -100.60 and a beta of 2.32. MP Materials Corp. has a one year low of $13.40 and a one year high of $82.50. The company has a debt-to-equity ratio of 0.83, a quick ratio of 3.12 and a current ratio of 3.60.

MP Materials (NYSE:MP - Get Free Report) last announced 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. MP Materials had a negative return on equity of 9.34% and a negative net margin of 41.87%.The firm had revenue of $57.39 million during the quarter, compared to the consensus estimate of $44.84 million. During the same quarter in the previous year, the company posted ($0.17) earnings per share. The business's revenue was up 83.6% on a year-over-year basis. As a group, analysts expect that MP Materials Corp. will post -0.19 earnings per share for the current year.

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.