Patriot Financial Group Insurance Agency LLC Purchases 9,051 Shares of MP Materials Corp. $MP

Patriot Financial Group Insurance Agency LLC boosted its position in MP Materials Corp. (NYSE:MP) by 192.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,758 shares of the company’s stock after purchasing an additional 9,051 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in MP Materials were worth $664,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. EMC Capital Management bought a new stake in shares of MP Materials during the fourth quarter worth about $25,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in MP Materials during the 4th quarter worth approximately $26,000. REAP Financial Group LLC acquired a new stake in MP Materials during the 4th quarter worth approximately $26,000. Financial Consulate Inc. grew its holdings in MP Materials by 555.3% during the 4th quarter. Financial Consulate Inc. now owns 557 shares of the company’s stock worth $28,000 after acquiring an additional 472 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in MP Materials during the 4th quarter worth approximately $28,000. 52.55% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on MP. Morgan Stanley upped their price target on shares of MP Materials from $62.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Wall Street Zen raised shares of MP Materials from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. William Blair restated an “outperform” rating on shares of MP Materials in a report on Wednesday, March 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a research report on Tuesday, April 21st. Finally, DA Davidson reaffirmed a “buy” rating and set a $82.00 target price on shares of MP Materials in a report on Friday, June 5th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has issued 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.

MP Materials Stock Up 2.5%

MP Materials stock opened at $56.12 on Wednesday. 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 52-week low of $29.58 and a 52-week high of $100.25. The firm has a 50 day moving average price of $62.13 and a two-hundred day moving average price of $59.48. The firm has a market cap of $9.99 billion, a price-to-earnings ratio of -133.61 and a beta of 1.86.

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