BlueCrest Capital Management Ltd Invests $672,000 in MP Materials Corp. $MP

BlueCrest Capital Management Ltd bought a new position in shares of MP Materials Corp. (NYSE:MP) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 12,000 shares of the company’s stock, valued at approximately $672,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Hancock Prospecting Pty Ltd boosted its holdings in MP Materials by 7.2% in the third quarter. Hancock Prospecting Pty Ltd now owns 14,861,212 shares of the company’s stock worth $996,741,000 after acquiring an additional 1,000,000 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of MP Materials by 5,523.6% during the second quarter. California State Teachers Retirement System now owns 9,225,687 shares of the company’s stock valued at $516,731,000 after acquiring an additional 9,061,633 shares in the last quarter. State Street Corp increased its holdings in shares of MP Materials by 13.2% during the fourth quarter. State Street Corp now owns 6,597,885 shares of the company’s stock valued at $333,325,000 after acquiring an additional 769,517 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of MP Materials by 76.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company’s stock valued at $97,200,000 after purchasing an additional 1,264,243 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in shares of MP Materials by 71.6% in the 4th quarter. Van ECK Associates Corp now owns 2,834,914 shares of the company’s stock valued at $143,220,000 after purchasing an additional 1,183,307 shares during the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.

MP Materials Price Performance

Shares of NYSE:MP opened at $54.26 on Thursday. MP Materials Corp. has a twelve month low of $37.81 and a twelve month high of $100.25. The company has a current ratio of 9.51, a quick ratio of 8.56 and a debt-to-equity ratio of 0.48. The company has a market cap of $9.66 billion, a PE ratio of -159.58 and a beta of 1.94. The company’s 50 day moving average is $51.36 and its 200 day moving average is $56.53.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.01) EPS for the quarter, meeting the consensus estimate of ($0.01). The business had revenue of $108.49 million during the quarter, compared to analysts’ expectations of $96.89 million. MP Materials had a negative net margin of 19.85% and a negative return on equity of 1.21%. The business’s quarterly revenue was up 89.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.13) EPS. On average, sell-side analysts forecast that MP Materials Corp. will post -0.12 EPS for the current year.

Analyst Ratings Changes

MP has been the topic of several research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a research report on Friday, July 17th. Needham & Company LLC lowered their price objective on shares of MP Materials from $81.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. Zacks Research lowered shares of MP Materials from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 26th. Barclays cut their target price on MP Materials from $69.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, July 16th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of MP Materials in a research report on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, MP Materials has a consensus rating of “Moderate Buy” and an average target price of $78.21.

About MP Materials

MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.

The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.