Patriot Financial Group Insurance Agency LLC Has $664,000 Holdings in MP Materials Corp. $MP

Patriot Financial Group Insurance Agency LLC increased its holdings in shares of MP Materials Corp. (NYSE:MP) by 192.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,758 shares of the company’s stock after acquiring an additional 9,051 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in MP Materials were worth $664,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Gunderson Capital Management LLC grew its position in shares of MP Materials by 10.2% during the 1st quarter. Gunderson Capital Management LLC now owns 69,126 shares of the company’s stock worth $3,336,000 after purchasing an additional 6,418 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of MP Materials by 28.8% in the first quarter. Janney Montgomery Scott LLC now owns 78,951 shares of the company’s stock valued at $3,810,000 after buying an additional 17,646 shares during the period. Pictet Asset Management Holding SA boosted its stake in shares of MP Materials by 13.8% in the first quarter. Pictet Asset Management Holding SA now owns 23,323 shares of the company’s stock valued at $1,126,000 after buying an additional 2,820 shares during the period. Union Bancaire Privee UBP SA grew its position in MP Materials by 132.7% during the first quarter. Union Bancaire Privee UBP SA now owns 11,968 shares of the company’s stock worth $578,000 after buying an additional 6,824 shares in the last quarter. Finally, Sicart Associates LLC increased its stake in MP Materials by 0.3% during the 1st quarter. Sicart Associates LLC now owns 135,125 shares of the company’s stock worth $6,521,000 after acquiring an additional 445 shares during the period. Institutional investors and hedge funds own 52.55% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on MP shares. Morgan Stanley lifted their price objective on MP Materials from $62.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Canaccord Genuity Group set a $82.00 target price on MP Materials in a report on Friday, May 8th. Needham & Company LLC began coverage on MP Materials in a research report on Monday, June 1st. They issued a “buy” rating and a $81.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a research note on Tuesday, April 21st. Finally, William Blair reaffirmed an “outperform” rating on shares of MP Materials in a research report on Wednesday, March 4th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $80.14.

Insiders Place Their Bets

In other news, CFO Ryan Corbett sold 20,000 shares of the 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 transaction, the chief financial officer owned 109,017 shares of the company’s stock, valued at approximately $8,176,275. This represents a 15.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO James H. Litinsky sold 259,179 shares of the firm’s stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $64.03, for a total transaction of $16,595,231.37. Following the completion of the sale, the chief executive officer owned 12,505,965 shares in the company, valued at approximately $800,756,938.95. The trade was a 2.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 1,205,167 shares of company stock valued at $79,371,654. 8.20% of the stock is currently owned by corporate insiders.

MP Materials Stock Up 2.5%

Shares of MP opened at $56.12 on Wednesday. The firm has a 50 day simple moving average of $62.13 and a two-hundred day simple moving average of $59.48. The company has a debt-to-equity ratio of 0.47, a current ratio of 7.18 and a quick ratio of 6.58. MP Materials Corp. has a one year low of $29.58 and a one year high of $100.25. The company has a market cap of $9.99 billion, a P/E ratio of -133.61 and a beta of 1.86.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $90.65 million for the quarter, compared to the consensus estimate of $74.82 million. During the same quarter last year, the business posted ($0.12) EPS. The company’s revenue was up 49.1% compared to the same quarter last year. Research analysts forecast that MP Materials Corp. will post -0.04 EPS 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.