Swiss National Bank Decreases Stock Position in MP Materials Corp. $MP

Key Points

• The Swiss National Bank has reduced its stake in MP Materials Corp. by 2.8%, now owning approximately 0.15% of the company, valued at about $5.79 million.
• Wall Street analysts have given MP Materials a consensus rating of "Moderate Buy" with price targets ranging from $52.00 to $77.00, indicating optimism about its growth prospects.
• MP Materials reported a revenue of $57.39 million for the last quarter, surpassing estimates and showing an 83.6% year-over-year growth, despite a reported EPS of ($0.13).

Swiss National Bank lessened its position in MP Materials Corp. (NYSE:MP - Free Report) by 2.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 237,100 shares of the company's stock after selling 6,800 shares during the period. Swiss National Bank owned about 0.15% of MP Materials worth $5,788,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. increased its position in MP Materials by 1.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,093,057 shares of the company's stock worth $26,682,000 after purchasing an additional 13,389 shares during the last quarter. Vanguard Group Inc. increased its position in MP Materials by 7.4% during the first quarter. Vanguard Group Inc. now owns 13,662,567 shares of the company's stock worth $333,503,000 after purchasing an additional 942,105 shares during the last quarter. Encompass More Asset Management acquired a new position in MP Materials during the first quarter worth approximately $225,000. Haven Private LLC increased its position in MP Materials by 6.2% during the first quarter. Haven Private LLC now owns 13,230 shares of the company's stock worth $323,000 after purchasing an additional 775 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in MP Materials by 20.5% during the first quarter. PNC Financial Services Group Inc. now owns 15,320 shares of the company's stock worth $374,000 after purchasing an additional 2,609 shares during the last quarter. Institutional investors and hedge funds own 52.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MP. Canaccord Genuity Group upped their price target on shares of MP Materials from $64.00 to $77.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Morgan Stanley set a $65.00 price target on shares of MP Materials and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Wall Street Zen upgraded shares of MP Materials from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Cfra Research upgraded shares of MP Materials to a "moderate buy" rating in a research note on Monday, August 11th. Finally, Jefferies Financial Group upgraded shares of MP Materials from a "hold" rating to a "buy" rating and set a $80.00 price objective for the company in a research note on Friday, August 1st. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, MP Materials currently has a consensus rating of "Moderate Buy" and an average price target of $60.63.

MP Materials Stock Down 0.5%

Shares of MP stock traded down $0.3160 on Friday, hitting $67.9640. The stock had a trading volume of 10,358,610 shares, compared to its average volume of 13,025,305. The firm has a market capitalization of $12.04 billion, a price-to-earnings ratio of -107.88 and a beta of 2.30. The stock's 50 day moving average is $53.43 and its 200-day moving average is $34.17. 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 Corp. has a 52-week low of $12.31 and a 52-week high of $82.50.

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

MP Materials Company 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.