Polymer Capital Management HK LTD Invests $505,000 in MP Materials Corp. $MP

Polymer Capital Management HK LTD bought a new position in MP Materials Corp. (NYSE:MP) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 10,000 shares of the company’s stock, valued at approximately $505,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MP. Royal Bank of Canada lifted its stake in shares of MP Materials by 26.5% in the first quarter. Royal Bank of Canada now owns 234,185 shares of the company’s stock valued at $5,716,000 after purchasing an additional 49,052 shares during the period. AQR Capital Management LLC purchased a new stake in shares of MP Materials during the first quarter worth about $215,000. Integrated Wealth Concepts LLC purchased a new stake in shares of MP Materials during the first quarter worth about $219,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of MP Materials by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,793 shares of the company’s stock worth $265,000 after buying an additional 479 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of MP Materials by 36.0% during the first quarter. Goldman Sachs Group Inc. now owns 193,943 shares of the company’s stock worth $4,734,000 after buying an additional 51,348 shares in the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

MP Materials Stock Up 0.9%

MP Materials stock opened at $57.70 on Friday. The company has a 50-day simple moving average of $61.48 and a 200-day simple moving average of $59.68. The firm has a market capitalization of $10.27 billion, a P/E ratio of -137.37 and a beta of 1.86. The company has a debt-to-equity ratio of 0.47, a quick ratio of 6.58 and a current ratio of 7.18. MP Materials Corp. has a one year low of $28.35 and a one year high of $100.25.

MP Materials (NYSE:MP) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.04. The business had revenue of $90.65 million during the quarter, compared to analyst estimates of $74.82 million. MP Materials had a negative net margin of 28.00% and a negative return on equity of 2.27%. The company’s quarterly revenue was up 49.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.12) earnings per share. As a group, equities analysts expect that MP Materials Corp. will post -0.04 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Ryan Corbett sold 20,000 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $75.00, for a total value of $1,500,000.00. Following the completion of the sale, the chief financial officer owned 109,017 shares of the company’s stock, valued at $8,176,275. This represents a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Michael Stuart Rosenthal acquired 10,000 shares of MP Materials stock in a transaction that occurred on Tuesday, June 9th. The stock was bought at an average cost of $54.30 per share, with a total value of $543,000.00. Following the acquisition, the chief operating officer directly owned 136,622 shares of the company’s stock, valued at approximately $7,418,574.60. This trade represents a 7.90% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold 1,251,167 shares of company stock valued at $82,131,654 over the last 90 days. 8.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Barclays started coverage on shares of MP Materials in a research report on Thursday, May 21st. They issued an “overweight” rating and a $69.00 target price on the stock. Canaccord Genuity Group set a $82.00 target price on shares of MP Materials in a research report on Friday, May 8th. Wedbush boosted their target price on shares of MP Materials from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of MP Materials in a research note on Tuesday, April 21st. Finally, William Blair restated an “outperform” rating on shares of MP Materials in a research note on Wednesday, March 4th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $80.14.

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.