Truist Financial Corp Invests $606,000 in MP Materials Corp. $MP

Truist Financial Corp purchased a new stake in shares of MP Materials Corp. (NYSE:MP) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 9,035 shares of the company’s stock, valued at approximately $606,000.

A number of other hedge funds have also bought and sold shares of MP. Wolff Wiese Magana LLC boosted its holdings in shares of MP Materials by 28.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 806 shares of the company’s stock worth $54,000 after buying an additional 177 shares during the last quarter. Miracle Mile Advisors LLC boosted its stake in MP Materials by 1.0% in the third quarter. Miracle Mile Advisors LLC now owns 18,162 shares of the company’s stock valued at $1,218,000 after acquiring an additional 188 shares during the last quarter. Wedmont Private Capital grew its position in shares of MP Materials by 1.7% during the 3rd quarter. Wedmont Private Capital now owns 11,824 shares of the company’s stock valued at $872,000 after acquiring an additional 195 shares during the period. Cresset Asset Management LLC increased its stake in shares of MP Materials by 1.0% during the 2nd quarter. Cresset Asset Management LLC now owns 21,444 shares of the company’s stock worth $713,000 after purchasing an additional 204 shares during the last quarter. Finally, Sound Income Strategies LLC raised its holdings in shares of MP Materials by 420.0% in the 3rd quarter. Sound Income Strategies LLC now owns 364 shares of the company’s stock worth $26,000 after purchasing an additional 294 shares during the period. 52.55% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Wall Street Zen lowered MP Materials from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. The Goldman Sachs Group assumed coverage on MP Materials in a research note on Wednesday, November 19th. They set a “buy” rating and a $77.00 price target for the company. DA Davidson reaffirmed a “buy” rating and set a $82.00 price objective on shares of MP Materials in a report on Thursday, November 20th. Morgan Stanley upgraded shares of MP Materials from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $68.50 to $71.00 in a research report on Friday, December 5th. Finally, TD Securities raised shares of MP Materials to a “strong-buy” rating in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $78.91.

Insider Buying and Selling

In related news, CFO Ryan Corbett sold 38,146 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $60.00, for a total transaction of $2,288,760.00. Following the completion of the transaction, the chief financial officer owned 156,666 shares of the company’s stock, valued at approximately $9,399,960. The trade was a 19.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James H. Litinsky sold 385,000 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $62.94, for a total transaction of $24,231,900.00. Following the completion of the sale, the chief executive officer owned 13,105,965 shares in the company, valued at $824,889,437.10. This represents a 2.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 991,557 shares of company stock valued at $62,785,202 over the last 90 days. 9.50% of the stock is owned by company insiders.

MP Materials Stock Performance

Shares of MP opened at $60.69 on Thursday. MP Materials Corp. has a 52-week low of $18.64 and a 52-week high of $100.25. The stock’s 50-day simple moving average is $59.96 and its 200 day simple moving average is $64.96. The company has a debt-to-equity ratio of 0.47, a quick ratio of 7.51 and a current ratio of 8.05. The stock has a market capitalization of $10.76 billion, a price-to-earnings ratio of -85.48 and a beta of 1.60.

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.