State Street Corp Boosts Position in MP Materials Corp. $MP

Key Points

• State Street increased its MP Materials stake by 5.1% in the second quarter, bringing its holdings to 7.77 million shares worth approximately $435.4 million. Institutional investors collectively own 52.55% of the company.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $76.29, although some analysts downgraded the stock or lowered their targets.
• MP Materials reported quarterly revenue of $108.49 million, up 89% year over year and above estimates, while earnings matched expectations at a loss of $0.01 per share. The stock recently opened at $48.94, well below its 52-week high of $100.25.

State Street Corp lifted its holdings in shares of MP Materials Corp. (NYSE:MP - Free Report) by 5.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,773,746 shares of the company's stock after acquiring an additional 376,519 shares during the quarter. State Street Corp owned approximately 4.36% of MP Materials worth $435,408,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MP. EMC Capital Management bought a new position in MP Materials in the 4th quarter worth $25,000. REAP Financial Group LLC purchased a new stake in shares of MP Materials in the 4th quarter worth about $26,000. Toth Financial Advisory Corp boosted its stake in shares of MP Materials by 73.3% during the 2nd quarter. Toth Financial Advisory Corp now owns 520 shares of the company's stock valued at $29,000 after purchasing an additional 220 shares in the last quarter. University of Texas Texas AM Investment Management Co. bought a new stake in shares of MP Materials during the 4th quarter valued at about $36,000. Finally, Markowski Investments purchased a new position in shares of MP Materials during the second quarter valued at about $43,000. Hedge funds and other institutional investors own 52.55% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Wall Street Zen downgraded shares of MP Materials from a "hold" rating to a "sell" rating in a research note on Saturday, July 25th. Citigroup reaffirmed a "positive" rating on shares of MP Materials in a research report on Wednesday, July 15th. DA Davidson reiterated a "buy" rating and set a $82.00 target price on shares of MP Materials in a report on Monday, August 24th. Morgan Stanley reissued an "overweight" rating on shares of MP Materials in a research report on Wednesday, August 19th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on MP Materials from $70.00 to $61.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $76.29.

MP Materials Price Performance

Shares of NYSE MP opened at $48.94 on Thursday. MP Materials Corp. has a fifty-two week low of $37.81 and a fifty-two week high of $100.25. The company has a 50 day simple moving average of $50.97 and a two-hundred day simple moving average of $55.87. The company has a market capitalization of $8.72 billion, a price-to-earnings ratio of -143.95 and a beta of 1.94. The company has a debt-to-equity ratio of 0.48, a quick ratio of 8.56 and a current ratio of 9.51.

MP Materials (NYSE:MP - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.01). MP Materials had a negative net margin of 19.85% and a negative return on equity of 1.21%. The firm had revenue of $108.49 million during the quarter, compared to analyst estimates of $96.89 million. During the same period last year, the business earned ($0.13) earnings per share. The business's revenue was up 89.0% on a year-over-year basis. Analysts expect that MP Materials Corp. will post -0.12 EPS for the current fiscal year.

About MP Materials

MP Materials Corp. is a rare earth materials company that owns and operates the Mountain Pass rare earth mine and processing facility in California. The site is one of the largest rare earth production facilities in the Western Hemisphere and produces rare earth concentrate, with an emphasis on neodymium-praseodymium (NdPr), materials used in high-performance permanent magnets.

The company is expanding its operations beyond mining and concentrate production into separated rare earth products and magnet manufacturing.

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