VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in MP Materials Corp. $MP

Key Points

• Virginia Retirement Systems acquired 12,000 MP Materials shares worth approximately $672,000 during the second quarter. Institutional investors and hedge funds collectively own 52.55% of the company.
• MP Materials reported quarterly revenue of $108.49 million, up 89% year over year and above analyst expectations, while matching the consensus loss estimate of $0.01 per share.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $78.21, despite some recent downgrades and sell ratings.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of MP Materials Corp. (NYSE:MP - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 12,000 shares of the company's stock, valued at approximately $672,000.

A number of other institutional investors and hedge funds have also bought and sold shares of MP. Oak Thistle LLC acquired a new position in shares of MP Materials in the second quarter valued at approximately $1,543,000. Amundi boosted its position in MP Materials by 260.2% during the 1st quarter. Amundi now owns 385,001 shares of the company's stock worth $18,580,000 after buying an additional 278,126 shares during the period. Leonteq Securities AG acquired a new stake in MP Materials during the 4th quarter worth approximately $2,451,000. Bleakley Financial Group LLC acquired a new stake in MP Materials during the 4th quarter worth approximately $1,482,000. Finally, Myriad Asset Management Advisors LLC bought a new stake in MP Materials during the 4th quarter worth approximately $1,229,000. Institutional investors and hedge funds own 52.55% of the company's stock.

MP Materials Stock Up 0.3%

Shares of NYSE:MP opened at $50.66 on Tuesday. The company has a market capitalization of $9.02 billion, a price-to-earnings ratio of -149.01 and a beta of 1.94. 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 business's 50-day moving average is $51.22 and its 200-day moving average is $56.41. MP Materials Corp. has a 1 year low of $37.81 and a 1 year high of $100.25.

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

Wall Street Analyst Weigh In

MP has been the subject of several analyst reports. Zacks Research downgraded shares of MP Materials from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 26th. Needham & Company LLC reduced their price objective on shares of MP Materials from $81.00 to $73.00 and set a "buy" rating on the stock in a research note on Wednesday, July 22nd. Citigroup reaffirmed a "positive" rating on shares of MP Materials in a research report on Wednesday, July 15th. Jefferies Financial Group reiterated a "buy" rating on shares of MP Materials in a research report on Tuesday, September 8th. Finally, Wall Street Zen cut MP Materials from a "hold" rating to a "sell" rating in a research note on Saturday, July 25th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $78.21.

MP Materials Company Profile

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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