Chesapeake Capital Corp IL Invests $1.03 Million in MP Materials Corp. $MP

Chesapeake Capital Corp IL bought a new position in MP Materials Corp. (NYSE:MP) during the third quarter, Holdings Channel reports. The fund bought 15,317 shares of the company’s stock, valued at approximately $1,027,000. MP Materials comprises about 0.9% of Chesapeake Capital Corp IL’s holdings, making the stock its 27th largest position.

A number of other institutional investors and hedge funds also recently modified their holdings of MP. Caxton Associates LLP acquired a new position in shares of MP Materials in the 2nd quarter valued at $132,238,000. National Bank of Canada FI lifted its stake in MP Materials by 19,314.3% during the second quarter. National Bank of Canada FI now owns 2,013,462 shares of the company’s stock valued at $66,987,000 after buying an additional 2,003,091 shares in the last quarter. Reaves W H & Co. Inc. lifted its stake in MP Materials by 168.4% during the third quarter. Reaves W H & Co. Inc. now owns 2,589,908 shares of the company’s stock valued at $173,705,000 after buying an additional 1,624,908 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of MP Materials by 76.3% in the second quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company’s stock worth $97,200,000 after buying an additional 1,264,243 shares during the period. Finally, Groupama Asset Managment acquired a new position in shares of MP Materials in the second quarter worth about $19,962,000. 52.55% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MP has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of MP Materials from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. The Goldman Sachs Group started coverage on shares of MP Materials in a research note on Wednesday, November 19th. They issued a “buy” rating and a $77.00 price objective for the company. JPMorgan Chase & Co. upgraded shares of MP Materials from a “neutral” rating to an “overweight” rating and lowered their price objective for the stock from $75.00 to $74.00 in a research report on Friday, November 14th. Morgan Stanley raised shares of MP Materials from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $68.50 to $71.00 in a research note on Friday, December 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of MP Materials in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $78.91.

Insider Activity at MP Materials

In related news, CEO James H. Litinsky sold 272,600 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The shares were 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 of the company’s stock, valued at approximately $821,758,774.05. The trade was a 2.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 9.50% of the company’s stock.

MP Materials Price Performance

Shares of MP opened at $57.19 on Friday. The company has a market capitalization of $10.14 billion, a price-to-earnings ratio of -109.98 and a beta of 1.55. MP Materials Corp. has a fifty-two week low of $18.64 and a fifty-two week high of $100.25. The company has a debt-to-equity ratio of 0.47, a current ratio of 7.24 and a quick ratio of 6.67. The business’s 50-day moving average is $61.65 and its 200-day moving average is $63.46.

About MP Materials

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.