MP Materials Corp. $MP Stake Decreased by RFG Advisory LLC

RFG Advisory LLC cut its holdings in shares of MP Materials Corp. (NYSE:MP) by 57.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 46,116 shares of the company’s stock after selling 63,470 shares during the period. RFG Advisory LLC’s holdings in MP Materials were worth $2,226,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MP. Royal Bank of Canada increased its position in MP Materials by 26.5% in the 1st quarter. Royal Bank of Canada now owns 234,185 shares of the company’s stock valued at $5,716,000 after acquiring an additional 49,052 shares during the period. AQR Capital Management LLC acquired a new position in MP Materials during the 1st quarter worth $215,000. Integrated Wealth Concepts LLC acquired a new position in MP Materials during the 1st quarter worth $219,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in MP Materials by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,793 shares of the company’s stock worth $265,000 after acquiring an additional 479 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in shares of MP Materials by 36.0% in the first quarter. Goldman Sachs Group Inc. now owns 193,943 shares of the company’s stock worth $4,734,000 after purchasing an additional 51,348 shares in the last quarter. 52.55% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on MP. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of MP Materials in a report on Tuesday, May 12th. 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 for the company. Wall Street Zen raised shares of MP Materials from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Needham & Company LLC assumed coverage on shares of MP Materials in a research report on Monday, June 1st. They set a “buy” rating and a $81.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a research note on Tuesday, April 21st. Three equities research 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 data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $80.14.

Insider Buying and Selling

In other MP Materials news, CEO James H. Litinsky sold 259,179 shares of the company’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $64.03, for a total value of $16,595,231.37. Following the completion of the sale, the chief executive officer directly owned 12,505,965 shares of the company’s stock, valued at approximately $800,756,938.95. This represents a 2.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Michael Stuart Rosenthal acquired 17,000 shares of MP Materials stock in a transaction dated Wednesday, May 20th. The shares were acquired at an average price of $56.62 per share, with a total value of $962,540.00. Following the transaction, the chief operating officer owned 1,333,673 shares in the company, valued at approximately $75,512,565.26. This represents a 1.29% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 1,205,167 shares of company stock valued at $79,371,654 over the last three months. Company insiders own 8.20% of the company’s stock.

MP Materials Stock Down 3.0%

Shares of MP stock opened at $53.95 on Friday. MP Materials Corp. has a 1 year low of $29.58 and a 1 year high of $100.25. The company has a debt-to-equity ratio of 0.47, a quick ratio of 6.58 and a current ratio of 7.18. The business’s fifty day moving average is $62.38 and its 200-day moving average is $59.55. The stock has a market cap of $9.60 billion, a PE ratio of -128.44 and a beta of 1.86.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $90.65 million during the quarter, compared to analyst estimates of $74.82 million. During the same quarter in the prior year, the firm posted ($0.12) earnings per share. The company’s revenue was up 49.1% on a year-over-year basis. Equities analysts expect that MP Materials Corp. will post -0.04 earnings per share for the current fiscal year.

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.