Rossby Financial LCC Purchases Shares of 7,850 MP Materials Corp. $MP

Rossby Financial LCC purchased a new stake in MP Materials Corp. (NYSE:MP) during the second quarter, HoldingsChannel.com reports. The firm purchased 7,850 shares of the company’s stock, valued at approximately $261,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC acquired a new position in MP Materials in the second quarter valued at about $25,000. AdvisorNet Financial Inc boosted its position in MP Materials by 168.7% in the second quarter. AdvisorNet Financial Inc now owns 806 shares of the company’s stock valued at $27,000 after buying an additional 506 shares in the last quarter. Harbour Investments Inc. boosted its position in MP Materials by 32.9% in the second quarter. Harbour Investments Inc. now owns 1,220 shares of the company’s stock valued at $41,000 after buying an additional 302 shares in the last quarter. MAI Capital Management boosted its position in MP Materials by 132.7% in the first quarter. MAI Capital Management now owns 1,403 shares of the company’s stock valued at $34,000 after buying an additional 800 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in MP Materials in the first quarter valued at about $35,000. 52.55% of the stock is currently owned by institutional investors and hedge funds.

MP Materials Trading Down 1.0%

Shares of NYSE MP opened at $64.92 on Wednesday. MP Materials Corp. has a 1-year low of $15.56 and a 1-year high of $100.25. The company has a market cap of $11.50 billion, a PE ratio of -103.04 and a beta of 2.32. The company has a current ratio of 3.60, a quick ratio of 3.12 and a debt-to-equity ratio of 0.83. The company has a 50-day moving average of $71.55 and a two-hundred day moving average of $49.84.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.03. The business had revenue of $57.39 million during the quarter, compared to the consensus estimate of $44.84 million. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. MP Materials’s revenue for the quarter was up 83.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.17) earnings per share. As a group, equities analysts expect that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on MP shares. DA Davidson boosted their price target on shares of MP Materials from $32.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, September 2nd. Jefferies Financial Group raised shares of MP Materials from a “hold” rating to a “buy” rating and set a $80.00 target price for the company in a research note on Friday, August 1st. Daiwa Capital Markets initiated coverage on shares of MP Materials in a research note on Monday, September 22nd. They issued an “outperform” rating and a $80.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a research note on Wednesday, October 8th. Finally, BMO Capital Markets initiated coverage on shares of MP Materials in a research note on Thursday, October 9th. They issued a “market perform” rating and a $76.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $77.80.

Insider Buying and Selling at MP Materials

In related news, COO Michael Stuart Rosenthal sold 150,000 shares of the business’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $72.02, for a total transaction of $10,803,000.00. Following the completion of the sale, the chief operating officer directly owned 1,284,409 shares of the company’s stock, valued at $92,503,136.18. The trade was a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 12.60% of the stock is currently owned by company insiders.

MP Materials Company Profile

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.