HITE Hedge Asset Management LLC Grows Stock Position in MP Materials Corp. $MP

HITE Hedge Asset Management LLC boosted its holdings in MP Materials Corp. (NYSE:MP) by 103.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 242,160 shares of the company’s stock after acquiring an additional 122,985 shares during the period. MP Materials accounts for about 0.9% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 29th largest position. HITE Hedge Asset Management LLC’s holdings in MP Materials were worth $16,242,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Calamos Advisors LLC purchased a new stake in MP Materials in the 3rd quarter valued at approximately $16,726,000. Rockefeller Capital Management L.P. grew its holdings in MP Materials by 132.7% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 176,984 shares of the company’s stock valued at $5,888,000 after buying an additional 100,915 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in MP Materials during the third quarter worth $670,000. Concurrent Investment Advisors LLC purchased a new position in MP Materials during the third quarter worth $550,000. Finally, Pier 88 Investment Partners LLC acquired a new position in shares of MP Materials in the third quarter worth $1,089,000. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO James H. Litinsky sold 272,600 shares of the stock in a transaction dated 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 directly owned 12,805,965 shares in the company, valued at approximately $821,758,774.05. This represents a 2.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 9.50% of the company’s stock.

MP Materials Trading Down 3.5%

Shares of MP Materials stock opened at $60.07 on Friday. MP Materials Corp. has a fifty-two week low of $18.64 and a fifty-two week high of $100.25. The business’s fifty day moving average is $61.61 and its two-hundred day moving average is $63.57. The company has a quick ratio of 6.67, a current ratio of 7.24 and a debt-to-equity ratio of 0.47. The firm has a market cap of $10.65 billion, a PE ratio of -115.52 and a beta of 1.55.

Analysts Set New Price Targets

Several analysts have recently issued reports on MP shares. Wall Street Zen upgraded MP Materials from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. The Goldman Sachs Group assumed coverage on MP Materials in a research report on Wednesday, November 19th. They set a “buy” rating and a $77.00 price objective for the company. William Blair reissued an “outperform” rating on shares of MP Materials in a research note on Wednesday, March 4th. Morgan Stanley upgraded shares of MP Materials from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $68.50 to $71.00 in a report on Friday, December 5th. Finally, TD Securities raised shares of MP Materials to a “strong-buy” rating in a research note on Monday, February 9th. Two investment 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. According to MarketBeat.com, MP Materials currently has a consensus rating of “Buy” and a consensus price target of $78.91.

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.