Oakmont Investment Advisors Inc. Takes $2.43 Million Position in MP Materials Corp. $MP

Oakmont Investment Advisors Inc. acquired a new position in shares of MP Materials Corp. (NYSE:MP) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 43,393 shares of the company’s stock, valued at approximately $2,430,000. MP Materials comprises 1.7% of Oakmont Investment Advisors Inc.’s portfolio, making the stock its 14th largest holding.

Several other hedge funds have also modified their holdings of the stock. EMC Capital Management acquired a new position in MP Materials during the fourth quarter worth approximately $25,000. REAP Financial Group LLC acquired a new position in shares of MP Materials in the 4th quarter valued at $26,000. Toth Financial Advisory Corp grew its stake in shares of MP Materials by 73.3% during the 2nd quarter. Toth Financial Advisory Corp now owns 520 shares of the company’s stock valued at $29,000 after buying an additional 220 shares during the period. Los Angeles Capital Management LLC purchased a new stake in shares of MP Materials during the 4th quarter valued at $28,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in shares of MP Materials during the 4th quarter worth $36,000. 52.55% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, COO Michael Rosenthal acquired 10,000 shares of the business’s stock in a transaction on Tuesday, June 9th. The shares were purchased at an average price of $54.30 per share, for a total transaction of $543,000.00. Following the acquisition, the chief operating officer directly owned 136,622 shares of the company’s stock, valued at $7,418,574.60. This represents a 7.90% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MP. DA Davidson reaffirmed a “buy” rating and issued a $82.00 target price on shares of MP Materials in a research report on Monday, August 24th. JPMorgan Chase & Co. cut their price objective on MP Materials from $75.00 to $60.00 and set an “overweight” rating on the stock in a report on Wednesday, July 29th. Canaccord Genuity Group set a $82.00 price objective on MP Materials in a research note on Friday, May 8th. Wall Street Zen cut MP Materials from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on MP Materials from $70.00 to $61.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $78.21.

MP Materials Trading Up 1.2%

MP opened at $54.42 on Friday. The firm’s 50 day moving average is $51.39 and its 200-day moving average is $56.61. MP Materials Corp. has a 52-week low of $37.81 and a 52-week high of $100.25. The company has a quick ratio of 8.56, a current ratio of 9.51 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $9.69 billion, a P/E ratio of -160.05 and a beta of 1.94.

MP Materials (NYSE:MP) last announced its earnings results on Thursday, August 6th. The company reported ($0.01) earnings per share for the quarter, meeting the consensus estimate of ($0.01). The business had revenue of $108.49 million during the quarter, compared to the consensus estimate of $96.89 million. MP Materials had a negative net margin of 19.85% and a negative return on equity of 1.21%. The business’s quarterly revenue was up 89.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.13) earnings per share. Analysts expect that MP Materials Corp. will post -0.12 EPS for the current fiscal year.

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.