Resona Asset Management Co. Ltd. Grows Stock Position in MP Materials Corp. $MP

Resona Asset Management Co. Ltd. boosted its stake in shares of MP Materials Corp. (NYSE:MP) by 69.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,305 shares of the company’s stock after acquiring an additional 4,630 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in MP Materials were worth $372,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Highline Wealth Partners LLC purchased a new stake in shares of MP Materials during the second quarter valued at approximately $25,000. AdvisorNet Financial Inc raised its holdings in MP Materials by 168.7% during the 2nd quarter. AdvisorNet Financial Inc now owns 806 shares of the company’s stock valued at $27,000 after buying an additional 506 shares during the last quarter. MAI Capital Management raised its holdings in MP Materials by 132.7% during the 1st quarter. MAI Capital Management now owns 1,403 shares of the company’s stock valued at $34,000 after buying an additional 800 shares during the last quarter. Spire Wealth Management boosted its position 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 buying an additional 651 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in MP Materials in the 1st quarter worth $35,000. 52.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. BMO Capital Markets started coverage on shares of MP Materials in a research note on Thursday, October 9th. They set a “market perform” rating and a $76.00 price objective for the company. DA Davidson reiterated a “buy” rating and issued a $82.00 price objective on shares of MP Materials in a report on Friday, November 7th. Morgan Stanley set a $69.00 target price on MP Materials in a research note on Wednesday, October 8th. Cowen restated a “buy” rating on shares of MP Materials in a report on Friday, August 8th. Finally, Canaccord Genuity Group lifted their price target on shares of MP Materials from $64.00 to $77.00 and gave the company a “buy” rating in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, MP Materials currently has an average rating of “Moderate Buy” and an average price target of $78.00.

Insider Buying and Selling

In other MP Materials news, COO Michael Stuart Rosenthal sold 150,000 shares of the business’s stock in a transaction on 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 sale, the chief operating officer directly owned 1,284,409 shares of the company’s stock, valued at approximately $92,503,136.18. The trade was a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 12.60% of the company’s stock.

MP Materials Stock Down 3.7%

Shares of MP Materials stock opened at $61.83 on Wednesday. MP Materials Corp. has a 1 year low of $15.56 and a 1 year high of $100.25. The firm has a market cap of $10.95 billion, a price-to-earnings ratio of -87.08 and a beta of 2.26. The company has a 50-day moving average of $69.46 and a 200 day moving average of $52.46. The company has a debt-to-equity ratio of 0.47, a current ratio of 8.05 and a quick ratio of 7.51.

MP Materials (NYSE:MP) last announced its earnings results on Thursday, November 6th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $53.55 million during the quarter, compared to the consensus estimate of $49.72 million. During the same quarter last year, the firm earned ($0.12) earnings per share. The business’s revenue for the quarter was down 14.9% on a year-over-year basis. As a group, sell-side analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

MP Materials 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.