National Bank of Canada FI Has $66.99 Million Stake in MP Materials Corp. $MP

National Bank of Canada FI increased its position in shares of MP Materials Corp. (NYSE:MP) by 19,314.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,013,462 shares of the company’s stock after purchasing an additional 2,003,091 shares during the period. National Bank of Canada FI owned approximately 1.14% of MP Materials worth $66,987,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MP. Rockefeller Capital Management L.P. lifted its position in shares of MP Materials by 132.7% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 176,984 shares of the company’s stock valued at $5,888,000 after acquiring an additional 100,915 shares during the period. Ballentine Partners LLC acquired a new position in MP Materials in the second quarter valued at about $241,000. Rothschild Investment LLC bought a new stake in MP Materials during the second quarter worth about $168,000. Pinkerton Wealth LLC bought a new stake in MP Materials during the second quarter worth about $940,000. Finally, Strs Ohio acquired a new stake in MP Materials during the first quarter worth about $687,000. 52.55% of the stock is owned by institutional investors and hedge funds.

MP Materials Stock Performance

Shares of MP Materials stock opened at $56.67 on Monday. The company’s 50 day moving average price is $65.50 and its two-hundred day moving average price is $58.49. The firm has a market capitalization of $10.04 billion, a P/E ratio of -79.81 and a beta of 1.70. MP Materials Corp. has a fifty-two week low of $15.56 and a fifty-two week high of $100.25. The company has a debt-to-equity ratio of 0.47, a current ratio of 8.05 and a quick ratio of 7.51.

MP Materials (NYSE:MP) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.05. MP Materials had a negative return on equity of 7.69% and a negative net margin of 50.55%.The company had revenue of $53.55 million during the quarter, compared to analysts’ expectations of $49.72 million. During the same period in the prior year, the company earned ($0.12) EPS. MP Materials’s revenue was down 14.9% compared to the same quarter last year. On average, equities analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO James H. Litinsky sold 385,000 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $62.94, for a total value of $24,231,900.00. Following the completion of the transaction, the chief executive officer owned 13,105,965 shares in the company, valued at $824,889,437.10. This trade represents a 2.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Ryan Corbett sold 38,146 shares of MP Materials stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $60.00, for a total transaction of $2,288,760.00. Following the sale, the chief financial officer owned 156,666 shares in the company, valued at approximately $9,399,960. This represents a 19.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 691,557 shares of company stock valued at $43,538,586 over the last quarter. Corporate insiders own 12.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Daiwa America upgraded shares of MP Materials to a “strong-buy” rating in a research report on Monday, September 22nd. JPMorgan Chase & Co. upgraded shares of MP Materials from a “neutral” rating to an “overweight” rating and lowered their price objective for the company from $75.00 to $74.00 in a research report on Friday, November 14th. Daiwa Capital Markets started coverage on MP Materials in a research note on Monday, September 22nd. They set an “outperform” rating and a $80.00 target price for the company. Deutsche Bank Aktiengesellschaft upgraded MP Materials from a “hold” rating to a “buy” rating and lifted their price target for the company from $68.00 to $71.00 in a research note on Monday, November 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of MP Materials in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $78.91.

About MP Materials

MP Materials Corp., together with its subsidiaries, produces rare earth materials. The company owns and operates the Mountain Pass Rare Earth mine and processing facility in North America. It 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.