Mirae Asset Global Investments Co. Ltd. Takes $8.18 Million Position in MP Materials Corp. $MP

Mirae Asset Global Investments Co. Ltd. bought a new stake in MP Materials Corp. (NYSE:MPFree Report) during the third quarter, HoldingsChannel reports. The firm bought 121,950 shares of the company’s stock, valued at approximately $8,179,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Wolff Wiese Magana LLC grew its stake in MP Materials by 28.1% in the third quarter. Wolff Wiese Magana LLC now owns 806 shares of the company’s stock valued at $54,000 after purchasing an additional 177 shares in the last quarter. Miracle Mile Advisors LLC boosted its holdings in shares of MP Materials by 1.0% in the 3rd quarter. Miracle Mile Advisors LLC now owns 18,162 shares of the company’s stock valued at $1,218,000 after buying an additional 188 shares during the last quarter. Wedmont Private Capital grew its stake in shares of MP Materials by 1.7% in the third quarter. Wedmont Private Capital now owns 11,824 shares of the company’s stock valued at $872,000 after buying an additional 195 shares in the last quarter. Cresset Asset Management LLC increased its holdings in 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 during the last quarter. Finally, Ballentine Partners LLC increased its holdings in MP Materials by 3.7% during the third quarter. Ballentine Partners LLC now owns 7,516 shares of the company’s stock worth $504,000 after buying an additional 269 shares during the last quarter. Institutional investors own 52.55% of the company’s stock.

Insider Activity at MP Materials

In other MP Materials news, CEO James H. Litinsky sold 272,600 shares of the stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $64.17, for a total transaction of $17,492,742.00. Following the transaction, the chief executive officer owned 12,805,965 shares in the company, valued at $821,758,774.05. This trade represents a 2.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Ryan Corbett sold 38,146 shares of MP Materials stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $60.00, for a total value of $2,288,760.00. Following the sale, the chief financial officer directly owned 156,666 shares of the company’s stock, valued at $9,399,960. This represents a 19.58% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 991,557 shares of company stock valued at $62,785,202. 9.50% of the stock is currently owned by insiders.

MP Materials Stock Performance

Shares of MP stock opened at $58.75 on Friday. MP Materials Corp. has a 52 week low of $18.64 and a 52 week high of $100.25. The company has a market capitalization of $10.41 billion, a price-to-earnings ratio of -82.75 and a beta of 1.62. The company has a 50-day simple moving average of $59.75 and a 200 day simple moving average of $64.95. The company has a debt-to-equity ratio of 0.47, a quick ratio of 7.51 and a current ratio of 8.05.

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

MP Materials News Summary

Here are the key news stories impacting MP Materials this week:

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MP. DA Davidson reiterated a “buy” rating and issued a $82.00 price target on shares of MP Materials in a research note on Thursday, November 20th. JPMorgan Chase & Co. raised shares of MP Materials from a “neutral” rating to an “overweight” rating and dropped their target price for the company from $75.00 to $74.00 in a report on Friday, November 14th. Wall Street Zen downgraded shares of MP Materials from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a research report on Thursday, January 22nd. Finally, Bank of America upped their price objective on MP Materials from $78.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $78.91.

Read Our Latest Research Report on MP

MP Materials Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for MP Materials (NYSE:MP)

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