Parallel Advisors LLC Has $136,000 Stock Holdings in MP Materials Corp. $MP

Parallel Advisors LLC cut its holdings in MP Materials Corp. (NYSE:MP) by 28.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,098 shares of the company’s stock after selling 1,636 shares during the quarter. Parallel Advisors LLC’s holdings in MP Materials were worth $136,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. NBC Securities Inc. lifted its stake in MP Materials by 119,900.0% in the first 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. MAI Capital Management lifted its stake in MP Materials by 132.7% in the first quarter. MAI Capital Management now owns 1,403 shares of the company’s stock valued at $34,000 after acquiring an additional 800 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in MP Materials in the first quarter valued at approximately $35,000. Banque Cantonale Vaudoise acquired a new stake in MP Materials in the first quarter valued at approximately $35,000. Finally, Harbor Investment Advisory LLC lifted its stake in MP Materials by 51.0% in the second quarter. Harbor Investment Advisory LLC now owns 1,510 shares of the company’s stock valued at $50,000 after acquiring an additional 510 shares during the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

MP Materials Trading Up 1.9%

Shares of MP Materials stock opened at $74.59 on Wednesday. The firm has a market capitalization of $13.21 billion, a PE ratio of -118.39 and a beta of 2.32. The company has a debt-to-equity ratio of 0.83, a current ratio of 3.60 and a quick ratio of 3.12. The company’s fifty day moving average price is $67.21 and its two-hundred day moving average price is $40.97. MP Materials Corp. has a 52-week low of $14.82 and a 52-week high of $82.50.

MP Materials (NYSE:MP) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.03. The firm had revenue of $57.39 million for the quarter, compared to analyst estimates of $44.84 million. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. 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 firm posted ($0.17) EPS. On average, analysts expect that MP Materials Corp. will post -0.19 EPS for the current year.

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 shares were sold at an average price of $72.02, for a total value of $10,803,000.00. Following the sale, the chief operating officer owned 1,284,409 shares of the company’s stock, valued at approximately $92,503,136.18. This represents a 10.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 12.60% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on MP. Cfra Research upgraded shares of MP Materials to a “moderate buy” rating in a research note on Monday, August 11th. Robert W. Baird boosted their price objective on shares of MP Materials from $52.00 to $69.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 23rd. Morgan Stanley set a $65.00 price objective on shares of MP Materials and gave the stock an “equal weight” rating in a research note on Thursday, July 31st. DA Davidson boosted their price objective on shares of MP Materials from $32.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, September 2nd. Finally, Daiwa Capital Markets initiated coverage on shares of MP Materials in a research note on Monday. They issued an “outperform” rating and a $80.00 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, MP Materials presently has an average rating of “Moderate Buy” and a consensus target price of $68.33.

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.