MP Materials Corp. (NYSE:MP) Stock Holdings Lowered by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank has reduced its stake in MP Materials Corp. by 56.6%, resulting in ownership of 32,021 shares worth approximately $782,000.
• Despite a drop in stock price to $67.43, MP Materials reported a 24.9% increase in revenue year-over-year, although it missed earnings expectations with an EPS of ($0.12).
• Several analysts have revised their price targets for MP Materials, with consensus moving to $57.88 and a mix of buy and hold ratings across the board.

Zurcher Kantonalbank Zurich Cantonalbank decreased its stake in shares of MP Materials Corp. (NYSE:MP - Free Report) by 56.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,021 shares of the company's stock after selling 41,795 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in MP Materials were worth $782,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. NBC Securities Inc. boosted its holdings in shares of MP Materials by 119,900.0% in the 1st quarter. NBC Securities Inc. now owns 1,200 shares of the company's stock valued at $29,000 after acquiring an additional 1,199 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of MP Materials during the first quarter worth $35,000. Quadrant Capital Group LLC lifted its position in MP Materials by 40.3% during the fourth quarter. Quadrant Capital Group LLC now owns 2,441 shares of the company's stock valued at $38,000 after purchasing an additional 701 shares during the period. IFP Advisors Inc boosted its holdings in MP Materials by 47.8% in the first quarter. IFP Advisors Inc now owns 2,970 shares of the company's stock valued at $76,000 after purchasing an additional 960 shares during the last quarter. Finally, CX Institutional acquired a new stake in MP Materials during the 1st quarter worth about $79,000. 52.55% of the stock is currently owned by institutional investors and hedge funds.

MP Materials Stock Performance

NYSE MP traded up $3.59 during trading hours on Thursday, hitting $71.10. The company had a trading volume of 15,479,872 shares, compared to its average volume of 8,999,411. The business has a 50 day moving average of $42.13 and a 200-day moving average of $29.98. The company has a debt-to-equity ratio of 0.81, a quick ratio of 3.58 and a current ratio of 4.12. MP Materials Corp. has a 1-year low of $10.68 and a 1-year high of $72.35. The company has a market cap of $11.62 billion, a PE ratio of -109.38 and a beta of 2.30.

MP Materials (NYSE:MP - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.02). MP Materials had a negative net margin of 48.41% and a negative return on equity of 9.77%. The business had revenue of $60.81 million during the quarter, compared to analysts' expectations of $64.74 million. During the same quarter last year, the company earned ($0.04) EPS. The firm's revenue for the quarter was up 24.9% compared to the same quarter last year. As a group, equities research analysts expect that MP Materials Corp. will post -0.19 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on MP. Wall Street Zen raised shares of MP Materials from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. JPMorgan Chase & Co. increased their price target on MP Materials from $18.00 to $64.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Robert W. Baird boosted their price objective on MP Materials from $52.00 to $69.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Morgan Stanley set a $65.00 target price on MP Materials and gave the stock an "equal weight" rating in a research note on Thursday, July 31st. Finally, Jefferies Financial Group raised shares of MP Materials from a "hold" rating to a "buy" rating and set a $80.00 price target on the stock in a research note on Friday, August 1st. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $57.88.

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.