OP Asset Management Ltd Purchases New Position in MP Materials Corp. $MP

OP Asset Management Ltd acquired a new position in shares of MP Materials Corp. (NYSE:MP) in the 1st quarter, Holdings Channel.com reports. The firm acquired 14,137 shares of the company’s stock, valued at approximately $682,000.

A number of other institutional investors also recently made changes to their positions in MP. Costello Asset Management INC boosted its stake in MP Materials by 15.0% in the 4th quarter. Costello Asset Management INC now owns 1,300 shares of the company’s stock valued at $66,000 after purchasing an additional 170 shares during the period. Composition Wealth LLC increased its position in MP Materials by 0.9% during the 4th quarter. Composition Wealth LLC now owns 18,334 shares of the company’s stock worth $926,000 after buying an additional 172 shares during the period. ARS Investment Partners LLC increased its position in MP Materials by 1.0% during the 4th quarter. ARS Investment Partners LLC now owns 19,980 shares of the company’s stock worth $1,009,000 after buying an additional 200 shares during the period. Cresset Asset Management LLC lifted its holdings in shares of MP Materials by 1.0% during the second quarter. Cresset Asset Management LLC now owns 21,444 shares of the company’s stock worth $713,000 after buying an additional 204 shares in the last quarter. Finally, Kestra Private Wealth Services LLC boosted its position in shares of MP Materials by 1.8% in the fourth quarter. Kestra Private Wealth Services LLC now owns 12,232 shares of the company’s stock valued at $618,000 after acquiring an additional 212 shares during the period. Institutional investors own 52.55% of the company’s stock.

Analyst Ratings Changes

MP has been the topic of several research reports. DA Davidson restated a “buy” rating and issued a $82.00 price target on shares of MP Materials in a research note on Friday, June 5th. Wall Street Zen upgraded shares of MP Materials from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Morgan Stanley boosted their price objective on shares of 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 shares of MP Materials in a research report on Friday, May 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a report on Tuesday, April 21st. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, MP Materials currently has a consensus rating of “Buy” and an average target price of $80.14.

MP Materials Price Performance

Shares of NYSE MP opened at $56.12 on Wednesday. The business has a fifty day moving average price of $62.13 and a two-hundred day moving average price of $59.48. The stock has a market capitalization of $9.99 billion, a PE ratio of -133.61 and a beta of 1.86. 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 fifty-two week low of $29.58 and a fifty-two week high of $100.25.

MP Materials (NYSE:MP) last released its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, topping 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 company had revenue of $90.65 million for the quarter, compared to analyst estimates of $74.82 million. During the same period in the prior year, the firm posted ($0.12) EPS. MP Materials’s quarterly revenue was up 49.1% on a year-over-year basis. As a group, equities analysts predict that MP Materials Corp. will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MP Materials news, CFO Ryan Corbett sold 20,000 shares of the firm’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 transaction, the chief financial officer directly owned 109,017 shares of the company’s stock, valued at $8,176,275. This trade represents a 15.50% decrease in their position. The transaction was disclosed in a 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, COO Michael Stuart Rosenthal bought 10,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The stock was purchased at an average price of $54.30 per share, with a total value of $543,000.00. Following the completion of the transaction, the chief operating officer directly owned 136,622 shares in the company, valued at approximately $7,418,574.60. This represents a 7.90% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 1,205,167 shares of company stock valued at $79,371,654 over the last quarter. 8.20% of the stock is owned by company insiders.

MP Materials 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.