Invesco Ltd. Has $100.93 Million Position in MP Materials Corp. $MP

Invesco Ltd. raised its stake in MP Materials Corp. (NYSE:MP) by 14.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,033,612 shares of the company’s stock after buying an additional 378,510 shares during the period. Invesco Ltd. owned about 1.86% of MP Materials worth $100,928,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MP. Highline Wealth Partners LLC purchased a new stake in MP Materials in the 2nd quarter valued at $25,000. AdvisorNet Financial Inc raised its holdings in MP Materials by 168.7% in the second quarter. AdvisorNet Financial Inc now owns 806 shares of the company’s stock worth $27,000 after purchasing an additional 506 shares in the last quarter. MAI Capital Management raised its stake in MP Materials by 132.7% during the first quarter. MAI Capital Management now owns 1,403 shares of the company’s stock valued at $34,000 after buying an additional 800 shares during the last quarter. Spire Wealth Management lifted its position in MP Materials by 181.3% during the second quarter. Spire Wealth Management now owns 1,010 shares of the company’s stock valued at $34,000 after purchasing an additional 651 shares in the last quarter. Finally, Harbour Investments Inc. increased its holdings in shares of MP Materials by 32.9% in the second quarter. Harbour Investments Inc. now owns 1,220 shares of the company’s stock worth $41,000 after purchasing an additional 302 shares during the last quarter. Institutional investors own 52.55% of the company’s stock.

MP Materials Stock Down 2.2%

Shares of NYSE MP opened at $59.85 on Wednesday. The business has a 50-day moving average of $66.20 and a two-hundred day moving average of $57.67. The company has a market capitalization of $10.61 billion, a price-to-earnings ratio of -84.30 and a beta of 1.70. MP Materials Corp. has a 1 year low of $15.56 and a 1 year high of $100.25. The company has a debt-to-equity ratio of 0.47, a current ratio of 8.05 and a quick ratio of 7.51.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, November 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.05. The business had revenue of $53.55 million during the quarter, compared to analysts’ expectations of $49.72 million. MP Materials had a negative net margin of 50.55% and a negative return on equity of 7.69%. The company’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.12) EPS. On average, analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MP. The Goldman Sachs Group started coverage on MP Materials in a research report on Wednesday, November 19th. They set a “buy” rating and a $77.00 price target on the stock. Bank of America upped their target price on MP Materials from $78.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Wall Street Zen lowered shares of MP Materials from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Daiwa Capital Markets initiated coverage on shares of MP Materials in a report on Monday, September 22nd. They set an “outperform” rating and a $80.00 price objective on the stock. Finally, Daiwa America upgraded shares of MP Materials to a “strong-buy” rating in a research report on Monday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $78.91.

Insiders Place Their Bets

In other news, CFO Ryan Corbett sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $57.72, for a total value of $1,154,400.00. Following the completion of the transaction, the chief financial officer owned 194,812 shares of the company’s stock, valued at $11,244,548.64. The trade was a 9.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO James H. Litinsky sold 385,000 shares of the stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $62.94, for a total transaction of $24,231,900.00. Following the transaction, the chief executive officer owned 13,105,965 shares in the company, valued at approximately $824,889,437.10. The trade was a 2.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 653,411 shares of company stock worth $41,249,826. 12.60% of the stock is currently owned by insiders.

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.