8,687 Shares in MP Materials Corp. $MP Acquired by Corton Capital Inc.

Corton Capital Inc. acquired a new position in MP Materials Corp. (NYSE:MP) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 8,687 shares of the company’s stock, valued at approximately $289,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wellington Shields Capital Management LLC bought a new stake in shares of MP Materials during the 2nd quarter worth about $975,000. Putney Financial Group LLC bought a new position in MP Materials during the 2nd quarter valued at $70,000. Spire Wealth Management boosted its stake in MP Materials by 181.3% during the 2nd quarter. Spire Wealth Management now owns 1,010 shares of the company’s stock valued at $34,000 after purchasing an additional 651 shares in the last quarter. Rossby Financial LCC bought a new position in MP Materials during the 2nd quarter valued at $261,000. Finally, Teacher Retirement System of Texas boosted its stake in MP Materials by 4.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 18,626 shares of the company’s stock valued at $620,000 after purchasing an additional 717 shares in the last quarter. 52.55% of the stock is owned by institutional investors.

Insider Buying and Selling at MP Materials

In other MP Materials news, COO Michael Stuart Rosenthal sold 150,000 shares of the business’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $72.02, for a total value of $10,803,000.00. Following the completion of the sale, the chief operating officer 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MP. Morgan Stanley set a $69.00 price target on MP Materials in a research note on Wednesday, October 8th. Wall Street Zen raised MP Materials from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. DA Davidson raised their price objective on MP Materials from $32.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, September 2nd. Benchmark reissued a “buy” rating on shares of MP Materials in a research note on Friday, August 29th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on MP Materials from $20.00 to $69.00 and gave the stock a “hold” rating in a research report on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.80.

MP Materials Price Performance

MP opened at $63.02 on Monday. The stock has a market cap of $11.16 billion, a price-to-earnings ratio of -100.03 and a beta of 2.26. MP Materials Corp. has a 1 year low of $15.56 and a 1 year high of $100.25. 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 stock has a fifty day moving average price of $71.31 and a 200 day moving average price of $50.82.

MP Materials (NYSE:MP) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.03. The firm had revenue of $57.39 million during the quarter, compared to analysts’ expectations of $44.84 million. MP Materials had a negative return on equity of 9.34% and a negative net margin of 41.87%.The business’s revenue for the quarter was up 83.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.17) earnings per share. Analysts forecast that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

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.