Myriad Asset Management Advisors LLC Invests $1.23 Million in MP Materials Corp. $MP

Myriad Asset Management Advisors LLC acquired a new position in shares of MP Materials Corp. (NYSE:MP) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 24,329 shares of the company’s stock, valued at approximately $1,229,000.

Other hedge funds have also made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of MP Materials during the fourth quarter worth $26,000. REAP Financial Group LLC acquired a new stake in shares of MP Materials during the fourth quarter worth $26,000. Los Angeles Capital Management LLC acquired a new stake in shares of MP Materials during the fourth quarter worth $28,000. Financial Consulate Inc. boosted its holdings in shares of MP Materials by 555.3% during the fourth quarter. Financial Consulate Inc. now owns 557 shares of the company’s stock worth $28,000 after purchasing an additional 472 shares during the last quarter. Finally, Montag A & Associates Inc. boosted its holdings in shares of MP Materials by 106.2% during the third quarter. Montag A & Associates Inc. now owns 635 shares of the company’s stock worth $43,000 after purchasing an additional 327 shares during the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

MP Materials Price Performance

Shares of MP Materials stock opened at $53.40 on Thursday. MP Materials Corp. has a twelve month low of $23.26 and a twelve month high of $100.25. The stock has a market capitalization of $9.51 billion, a P/E ratio of -127.15 and a beta of 1.86. The company has a current ratio of 7.18, a quick ratio of 6.58 and a debt-to-equity ratio of 0.47. The business’s fifty day moving average price is $61.11 and its 200 day moving average price is $59.68.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.04. MP Materials had a negative return on equity of 2.27% and a negative net margin of 28.00%.The firm had revenue of $90.65 million for the quarter, compared to analysts’ expectations of $74.82 million. During the same quarter last year, the firm earned ($0.12) earnings per share. The firm’s revenue for the quarter was up 49.1% compared to the same quarter last year. As a group, research analysts anticipate that MP Materials Corp. will post -0.04 earnings per share for the current year.

Insider Activity

In other MP Materials news, CEO James H. Litinsky sold 259,179 shares of the firm’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $64.03, for a total value of $16,595,231.37. Following the transaction, the chief executive officer directly owned 12,505,965 shares of the company’s stock, valued at $800,756,938.95. This trade represents a 2.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ryan Corbett sold 46,000 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $60.00, for a total value of $2,760,000.00. Following the completion of the transaction, the chief financial officer directly owned 129,017 shares in the company, valued at $7,741,020. This trade represents a 26.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,251,167 shares of company stock worth $82,131,654 over the last three months. 8.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

MP has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of MP Materials in a report on Tuesday, May 12th. William Blair reiterated an “outperform” rating on shares of MP Materials in a report on Wednesday, March 4th. Wedbush lifted their target price on MP Materials from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Barclays initiated coverage on MP Materials in a report on Thursday, May 21st. They issued an “overweight” rating and a $69.00 target price on the stock. Finally, Needham & Company LLC initiated coverage on MP Materials in a report on Monday, June 1st. They issued a “buy” rating and a $81.00 target price on the stock. Three analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, MP Materials presently has a consensus rating of “Buy” and an average price target of $80.14.

MP Materials Company Profile

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.