RFG Advisory LLC Sells 35,544 Shares of MP Materials Corp. $MP

RFG Advisory LLC cut its stake in shares of MP Materials Corp. (NYSE:MP) by 80.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,465 shares of the company’s stock after selling 35,544 shares during the period. RFG Advisory LLC’s holdings in MP Materials were worth $568,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Sound Income Strategies LLC boosted its holdings in MP Materials by 420.0% during the third quarter. Sound Income Strategies LLC now owns 364 shares of the company’s stock worth $26,000 after buying an additional 294 shares during the last quarter. Spire Wealth Management raised its position in shares of MP Materials by 181.3% in the 2nd quarter. Spire Wealth Management now owns 1,010 shares of the company’s stock valued at $34,000 after acquiring an additional 651 shares during the period. Grove Bank & Trust bought a new position in MP Materials during the 3rd quarter worth approximately $34,000. SJS Investment Consulting Inc. boosted its stake in MP Materials by 4,600.0% during the 3rd quarter. SJS Investment Consulting Inc. now owns 564 shares of the company’s stock worth $38,000 after acquiring an additional 552 shares during the last quarter. Finally, Hilltop National Bank grew its holdings in MP Materials by 500.0% during the third quarter. Hilltop National Bank now owns 600 shares of the company’s stock valued at $40,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 52.55% of the company’s stock.

Insider Buying and Selling

In other news, CFO Ryan Corbett sold 38,146 shares of the business’s stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $60.00, for a total value of $2,288,760.00. Following the sale, the chief financial officer owned 156,666 shares of the company’s stock, valued at $9,399,960. The trade was a 19.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO James H. Litinsky sold 385,000 shares of the stock in a transaction on 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 of the company’s stock, valued at $824,889,437.10. The trade was a 2.85% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 991,557 shares of company stock valued at $62,785,202. Insiders own 9.50% of the company’s stock.

MP Materials Stock Up 1.2%

MP stock opened at $58.00 on Friday. 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 stock has a market capitalization of $10.28 billion, a P/E ratio of -81.69 and a beta of 1.60. The business has a 50-day moving average of $59.78 and a 200-day moving average of $64.86. MP Materials Corp. has a fifty-two week low of $18.64 and a fifty-two week high of $100.25.

Analysts Set New Price Targets

MP has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised shares of MP Materials from a “hold” rating to a “buy” rating and lifted their price target for the stock from $68.00 to $71.00 in a research report on Monday, November 10th. William Blair initiated coverage on MP Materials in a research note on Tuesday, January 13th. They set an “outperform” rating on the stock. The Goldman Sachs Group initiated coverage on MP Materials in a research note on Wednesday, November 19th. They issued a “buy” rating and a $77.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of MP Materials in a report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. upgraded MP Materials from a “neutral” rating to an “overweight” rating and cut their price objective for the company from $75.00 to $74.00 in a report on Friday, November 14th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, MP Materials presently has a consensus rating of “Buy” and an average target price of $78.91.

MP Materials 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.