Bleakley Financial Group LLC Buys Shares of 29,332 MP Materials Corp. $MP

Bleakley Financial Group LLC acquired a new position in shares of MP Materials Corp. (NYSE:MP) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 29,332 shares of the company’s stock, valued at approximately $1,482,000.

Other hedge funds also recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. acquired a new stake in MP Materials during the fourth quarter worth approximately $26,000. Financial Consulate Inc. lifted its stake in MP Materials by 555.3% during the 4th quarter. Financial Consulate Inc. now owns 557 shares of the company’s stock valued at $28,000 after acquiring an additional 472 shares in the last quarter. Bessemer Group Inc. boosted its position in MP Materials by 75.9% in the third quarter. Bessemer Group Inc. now owns 642 shares of the company’s stock worth $43,000 after purchasing an additional 277 shares during the last quarter. Montag A & Associates Inc. boosted its position in MP Materials by 106.2% in the third quarter. Montag A & Associates Inc. now owns 635 shares of the company’s stock worth $43,000 after purchasing an additional 327 shares during the last quarter. Finally, Bogart Wealth LLC purchased a new position in MP Materials in the fourth quarter worth $47,000. 52.55% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MP has been the topic of several research reports. Wedbush boosted their target price on MP Materials from $90.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. William Blair restated an “outperform” rating on shares of MP Materials in a research note on Wednesday, March 4th. Wall Street Zen upgraded MP Materials from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Canaccord Genuity Group set a $82.00 price objective on MP Materials in a report on Friday, May 8th. Finally, Barclays started coverage on MP Materials in a report on Thursday, May 21st. They issued an “overweight” rating and a $69.00 price objective for the company. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, MP Materials currently has an average rating of “Buy” and a consensus target price of $80.08.

Insider Transactions at MP Materials

In related news, COO Michael Stuart Rosenthal acquired 17,000 shares of the stock in a transaction on Wednesday, May 20th. The stock was acquired at an average price of $56.62 per share, for a total transaction of $962,540.00. Following the completion of the purchase, the chief operating officer owned 1,333,673 shares of the company’s stock, valued at $75,512,565.26. This represents a 1.29% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James H. Litinsky sold 259,179 shares of MP Materials stock in a transaction on Monday, April 20th. The shares were sold at an average price of $64.03, for a total value of $16,595,231.37. Following the transaction, the chief executive officer owned 12,505,965 shares of the company’s stock, valued at $800,756,938.95. The trade was a 2.03% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 666,000 shares of company stock valued at $43,103,382. Corporate insiders own 8.20% of the company’s stock.

MP Materials Trading Up 2.4%

NYSE MP opened at $66.79 on Friday. MP Materials Corp. has a fifty-two week low of $19.60 and a fifty-two week high of $100.25. The company has a debt-to-equity ratio of 0.47, a quick ratio of 6.58 and a current ratio of 7.18. The stock has a 50 day simple moving average of $59.22 and a two-hundred day simple moving average of $59.48. The stock has a market cap of $11.89 billion, a P/E ratio of -159.03 and a beta of 1.90.

MP Materials (NYSE:MP) last announced its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.04. MP Materials had a negative return on equity of 2.27% and a negative net margin of 28.00%.The firm had revenue of $90.65 million during the quarter, compared to analyst estimates of $74.82 million. During the same quarter in the prior year, the company earned ($0.12) EPS. The business’s revenue was up 49.1% compared to the same quarter last year. On average, analysts forecast that MP Materials Corp. will post -0.04 earnings per share for the current year.

MP Materials Company 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.