Insight Advisors LLC PA purchased a new stake in MP Materials Corp. (NYSE:MP) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 17,150 shares of the company’s stock, valued at approximately $646,000.
Other hedge funds have also made changes to their positions in the company. Parallel Advisors LLC acquired a new position in shares of MP Materials during the 2nd quarter worth approximately $25,000. Nisa Investment Advisors LLC acquired a new position in shares of MP Materials during the 2nd quarter worth approximately $27,000. Harbor Investment Advisory LLC acquired a new position in shares of MP Materials during the 2nd quarter worth approximately $37,000. Acadian Asset Management LLC acquired a new position in shares of MP Materials during the 1st quarter worth approximately $61,000. Finally, Russell Investments Group Ltd. acquired a new position in shares of MP Materials during the 1st quarter worth approximately $57,000. 68.09% of the stock is owned by institutional investors and hedge funds.
In other news, Director Andrew A. Mcknight sold 150,000 shares of the stock in a transaction on Tuesday, August 10th. The stock was sold at an average price of $38.17, for a total transaction of $5,725,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Financial Lp Qvt sold 1,095,612 shares of the stock in a transaction on Thursday, September 16th. The stock was sold at an average price of $34.62, for a total value of $37,930,087.44. The disclosure for this sale can be found here. 49.70% of the stock is owned by corporate insiders.
MP Materials (NYSE:MP) last issued its earnings results on Thursday, August 5th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.03. The company had revenue of $73.12 million during the quarter, compared to analysts’ expectations of $57.60 million. On average, equities analysts anticipate that MP Materials Corp. will post 0.6 earnings per share for the current year.
Several research analysts have recently weighed in on MP shares. Zacks Investment Research raised MP Materials from a “sell” rating to a “hold” rating in a research note on Tuesday, August 10th. Robert W. Baird initiated coverage on MP Materials in a research report on Tuesday, June 29th. They set an “outperform” rating and a $45.00 price target for the company. DA Davidson initiated coverage on MP Materials in a research report on Friday, July 23rd. They set a “buy” rating and a $45.00 price target for the company. JPMorgan Chase & Co. initiated coverage on MP Materials in a research report on Wednesday, June 16th. They set an “overweight” rating and a $41.00 price target for the company. Finally, Morgan Stanley boosted their price target on MP Materials from $37.50 to $43.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 17th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $39.89.
MP Materials Profile
MP Materials Corp. engages in the ownership and operation of integrated rare earth mining and processing facilities. It owns and operates the Mountain Pass facility located in the Western Hemisphere. The company 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.
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