Sovereign Financial Group Inc. Buys New Stake in MP Materials Corp. $MP

Key Points

• Sovereign Financial Group Inc. acquired a new stake in MP Materials Corp. during Q2, purchasing 10,181 shares valued at approximately $339,000.
• Several research firms have upgraded their ratings on MP Materials, with Jefferies Financial Group and Canaccord Genuity raising their price targets to $80.00 and $77.00 respectively.
• MP Materials reported earnings of ($0.13) EPS for the latest quarter, surpassing analysts' expectations and showing a significant revenue increase of 83.6% year-over-year.

Sovereign Financial Group Inc. bought a new stake in shares of MP Materials Corp. (NYSE:MP - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,181 shares of the company's stock, valued at approximately $339,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Highline Wealth Partners LLC purchased a new stake in MP Materials during the second quarter valued at approximately $25,000. AdvisorNet Financial Inc lifted its position in MP Materials by 168.7% during the second quarter. AdvisorNet Financial Inc now owns 806 shares of the company's stock valued at $27,000 after acquiring an additional 506 shares during the last quarter. MAI Capital Management lifted its position in MP Materials by 132.7% during the first quarter. MAI Capital Management now owns 1,403 shares of the company's stock valued at $34,000 after acquiring an additional 800 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in MP Materials during the first quarter valued at approximately $35,000. Finally, Banque Cantonale Vaudoise purchased a new stake in MP Materials during the first quarter valued at approximately $35,000. Hedge funds and other institutional investors own 52.55% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MP. 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 report on Friday, August 1st. Daiwa Capital Markets began coverage on shares of MP Materials in a report on Monday, September 22nd. They issued an "outperform" rating and a $80.00 price target for the company. Canaccord Genuity Group raised their price target on shares of MP Materials from $64.00 to $77.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Morgan Stanley set a $69.00 price target on shares of MP Materials in a report on Wednesday. Finally, Benchmark reaffirmed a "buy" rating on shares of MP Materials in a report on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $74.00.

MP Materials Trading Up 8.7%

Shares of MP Materials stock opened at $78.59 on Monday. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.60 and a quick ratio of 3.12. The firm has a fifty day moving average price of $69.91 and a 200 day moving average price of $45.24. MP Materials Corp. has a 1 year low of $15.56 and a 1 year high of $84.92. The stock has a market cap of $13.92 billion, a PE ratio of -124.75 and a beta of 2.32.

MP Materials (NYSE:MP - Get Free Report) last issued 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. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The firm had revenue of $57.39 million during the quarter, compared to analysts' expectations of $44.84 million. During the same quarter last year, the company posted ($0.17) earnings per share. The firm's revenue was up 83.6% compared to the same quarter last year. Equities research analysts predict that MP Materials Corp. will post -0.19 earnings per share for the current year.

Insider Activity

In related news, COO Michael Stuart Rosenthal sold 150,000 shares of the firm's stock in a transaction on Friday, August 29th. The shares were 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. This trade represents a 10.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.60% of the stock is currently owned by company insiders.

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.

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