Sicart Associates LLC Purchases 43,445 Shares of MP Materials Corp. $MP

Key Points

• Sicart Associates increased its MP Materials stake by 15.6% in the third quarter, buying 43,445 shares to reach 321,328 shares valued at approximately $15.2 million. Institutional investors collectively own 52.55% of the company.
• Analyst sentiment remains broadly positive, with MP Materials receiving a consensus “Moderate Buy” rating and an average price target of $71.92, though some firms recently lowered targets and one downgraded the stock to “sell.”
• MP Materials shares opened at $39.46, near their one-year low, while quarterly revenue rose 89% year over year to $108.49 million. The company still reported a loss and analysts expect full-year EPS of negative $0.20.

Sicart Associates LLC grew its position in shares of MP Materials Corp. (NYSE:MP - Free Report) by 15.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 321,328 shares of the company's stock after buying an additional 43,445 shares during the quarter. MP Materials accounts for approximately 3.6% of Sicart Associates LLC's investment portfolio, making the stock its 9th biggest holding. Sicart Associates LLC owned 0.18% of MP Materials worth $15,196,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MP. State Street Corp grew its holdings in shares of MP Materials by 5.1% in the second quarter. State Street Corp now owns 7,773,746 shares of the company's stock valued at $435,408,000 after acquiring an additional 376,519 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in MP Materials in the second quarter worth $65,230,000. Principal Financial Group Inc. boosted its position in MP Materials by 32.4% in the first quarter. Principal Financial Group Inc. now owns 919,083 shares of the company's stock worth $44,355,000 after purchasing an additional 225,009 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in MP Materials by 1.5% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 564,808 shares of the company's stock worth $31,635,000 after purchasing an additional 8,556 shares during the last quarter. Finally, Amundi grew its stake in MP Materials by 32.5% in the 2nd quarter. Amundi now owns 509,946 shares of the company's stock valued at $28,562,000 after purchasing an additional 124,945 shares during the period. Hedge funds and other institutional investors own 52.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Wall Street Zen lowered MP Materials from a "hold" rating to a "sell" rating in a research report on Sunday, October 11th. Freedom Broker began coverage on shares of MP Materials in a report on Wednesday, September 16th. They issued a "hold" rating and a $57.00 price target on the stock. Citigroup restated a "positive" rating on shares of MP Materials in a research report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of MP Materials from $70.00 to $61.00 and set a "buy" rating for the company in a report on Thursday, July 9th. Finally, Barclays lowered their price objective on shares of MP Materials from $69.00 to $65.00 and set an "overweight" rating on the stock in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, MP Materials presently has an average rating of "Moderate Buy" and a consensus target price of $71.92.

MP Materials Trading Down 0.3%

NYSE:MP opened at $39.46 on Monday. The company has a market cap of $7.03 billion, a P/E ratio of -116.06 and a beta of 2.05. MP Materials Corp. has a 1 year low of $37.11 and a 1 year high of $76.80. The company has a debt-to-equity ratio of 0.48, a current ratio of 9.51 and a quick ratio of 8.56. The stock's fifty day moving average price is $47.95 and its two-hundred day moving average price is $55.22.

MP Materials (NYSE:MP - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). The business had revenue of $108.49 million during the quarter, compared to the consensus estimate of $96.89 million. MP Materials had a negative return on equity of 1.21% and a negative net margin of 19.85%. The firm's revenue was up 89.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.13) EPS. As a group, analysts expect that MP Materials Corp. will post -0.20 EPS for the current year.

MP Materials Company Profile

MP Materials Corp. is a rare earth materials company focused on restoring and expanding a fully integrated rare earth supply chain in the United States. The company owns and operates the Mountain Pass rare earth mine and processing facility in California, one of the largest rare earth production sites in the Western Hemisphere.

MP Materials primarily produces rare earth concentrate containing neodymium and praseodymium, elements used in high-strength permanent magnets. These magnets are important components in electric vehicles, wind turbines, robotics, defense systems, and other advanced technologies.

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