MP Materials Corp. $MP Holdings Decreased by Peregrine Capital Management LLC

Peregrine Capital Management LLC reduced its stake in shares of MP Materials Corp. (NYSE:MP) by 11.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,411 shares of the company’s stock after selling 3,211 shares during the quarter. Peregrine Capital Management LLC’s holdings in MP Materials were worth $812,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of MP. Driehaus Capital Management LLC acquired a new position in MP Materials during the first quarter worth about $34,288,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in MP Materials by 429.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,550,124 shares of the company’s stock worth $37,839,000 after acquiring an additional 1,257,282 shares during the period. Vanguard Group Inc. grew its holdings 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 acquiring an additional 942,105 shares during the period. BNP Paribas Financial Markets grew its holdings in MP Materials by 73.7% during the first quarter. BNP Paribas Financial Markets now owns 1,657,299 shares of the company’s stock worth $40,455,000 after acquiring an additional 703,042 shares during the period. Finally, Invesco Ltd. grew its holdings in MP Materials by 25.3% during the first quarter. Invesco Ltd. now owns 2,655,102 shares of the company’s stock worth $64,811,000 after acquiring an additional 536,522 shares during the period. 52.55% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on MP shares. Deutsche Bank Aktiengesellschaft lifted their target price on MP Materials from $20.00 to $69.00 and gave the stock a “hold” rating in a report on Thursday, July 17th. Wall Street Zen upgraded MP Materials from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. JPMorgan Chase & Co. boosted their price objective on MP Materials from $18.00 to $64.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. Morgan Stanley set a $69.00 price objective on MP Materials in a report on Wednesday, October 8th. Finally, Canaccord Genuity Group boosted their price objective on MP Materials from $64.00 to $77.00 and gave the stock a “buy” rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $77.80.

Insider Buying and Selling at MP Materials

In other news, COO Michael Stuart Rosenthal sold 150,000 shares of the company’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $72.02, for a total value of $10,803,000.00. Following the transaction, the chief operating officer owned 1,284,409 shares in the company, valued at $92,503,136.18. This represents a 10.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 12.60% of the stock is owned by corporate insiders.

MP Materials Price Performance

NYSE MP opened at $64.92 on Wednesday. The stock’s 50-day moving average price is $71.55 and its two-hundred day moving average price is $49.84. The company has a current ratio of 3.60, a quick ratio of 3.12 and a debt-to-equity ratio of 0.83. The company has a market cap of $11.50 billion, a PE ratio of -103.04 and a beta of 2.32. MP Materials Corp. has a 1 year low of $15.56 and a 1 year high of $100.25.

MP Materials (NYSE:MP) last released 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 company had revenue of $57.39 million for the quarter, compared to analysts’ expectations of $44.84 million. MP Materials had a negative return on equity of 9.34% and a negative net margin of 41.87%.The business’s revenue for the quarter was up 83.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.17) EPS. On average, analysts predict that MP Materials Corp. will post -0.19 EPS for the current year.

About MP Materials

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.