10,449 Shares in MP Materials Corp. $MP Purchased by Myriad Asset Management US LP

Myriad Asset Management US LP purchased a new stake in shares of MP Materials Corp. (NYSE:MP) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,449 shares of the company’s stock, valued at approximately $701,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of MP. Calamos Advisors LLC acquired a new stake in MP Materials during the third quarter valued at approximately $16,726,000. Rockefeller Capital Management L.P. grew its position in MP Materials by 132.7% in the second quarter. Rockefeller Capital Management L.P. now owns 176,984 shares of the company’s stock worth $5,888,000 after buying an additional 100,915 shares during the last quarter. Ballentine Partners LLC bought a new position in shares of MP Materials in the second quarter valued at $241,000. Campbell & CO Investment Adviser LLC bought a new position in shares of MP Materials in the third quarter valued at $670,000. Finally, Concurrent Investment Advisors LLC acquired a new stake in shares of MP Materials during the 3rd quarter valued at $550,000. Institutional investors own 52.55% of the company’s stock.

Insider Activity at MP Materials

In other news, CEO James H. Litinsky sold 385,000 shares of MP Materials stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $62.94, for a total value of $24,231,900.00. Following the transaction, the chief executive officer owned 13,105,965 shares of the company’s stock, valued at $824,889,437.10. This trade represents a 2.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Ryan Corbett sold 38,146 shares of the company’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $60.00, for a total transaction of $2,288,760.00. Following the sale, the chief financial officer directly owned 156,666 shares of the company’s stock, valued at approximately $9,399,960. This represents a 19.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 991,557 shares of company stock worth $62,785,202. Corporate insiders own 9.50% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on MP shares. William Blair initiated coverage on MP Materials in a research report on Tuesday, January 13th. They set an “outperform” rating on the stock. Wall Street Zen cut MP Materials from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft raised shares of MP Materials from a “hold” rating to a “buy” rating and lifted their target price for the stock from $68.00 to $71.00 in a research report on Monday, November 10th. Finally, JPMorgan Chase & Co. upgraded shares of MP Materials from a “neutral” rating to an “overweight” rating and cut their price target for the company from $75.00 to $74.00 in a report on Friday, November 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, MP Materials has an average rating of “Moderate Buy” and an average target price of $78.91.

MP Materials Trading Up 5.8%

MP Materials stock opened at $68.43 on Friday. MP Materials Corp. has a one year low of $18.64 and a one year high of $100.25. The company’s fifty day moving average price is $58.98 and its two-hundred day moving average price is $63.81. The company has a debt-to-equity ratio of 0.47, a current ratio of 8.05 and a quick ratio of 7.51. The company has a market capitalization of $12.13 billion, a price-to-earnings ratio of -96.38 and a beta of 1.62.

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

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.