Clear Street Group Inc. Acquires Shares of 100,036 MP Materials Corp. $MP

Clear Street Group Inc. acquired a new stake in MP Materials Corp. (NYSE:MP) in the 4th quarter, Holdings Channel.com reports. The fund acquired 100,036 shares of the company’s stock, valued at approximately $5,054,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hancock Prospecting Pty Ltd raised its holdings in shares of MP Materials by 7.2% during the 3rd quarter. Hancock Prospecting Pty Ltd now owns 14,861,212 shares of the company’s stock worth $996,741,000 after buying an additional 1,000,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of MP Materials by 3.3% during the 4th quarter. Vanguard Group Inc. now owns 14,479,787 shares of the company’s stock worth $731,519,000 after buying an additional 459,213 shares in the last quarter. State Street Corp raised its holdings in shares of MP Materials by 13.2% during the 4th quarter. State Street Corp now owns 6,597,885 shares of the company’s stock worth $333,325,000 after buying an additional 769,517 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of MP Materials by 76.3% during the 2nd 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 in the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of MP Materials by 71.6% during the 4th quarter. Van ECK Associates Corp now owns 2,834,914 shares of the company’s stock worth $143,220,000 after buying an additional 1,183,307 shares in the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at MP Materials

In other MP Materials news, CEO James H. Litinsky sold 259,179 shares of the company’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $64.03, for a total value of $16,595,231.37. Following the completion of the transaction, the chief executive officer owned 12,505,965 shares of the company’s stock, valued at $800,756,938.95. This represents a 2.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ryan Corbett sold 46,000 shares of the company’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $60.00, for a total value of $2,760,000.00. Following the completion of the transaction, the chief financial officer directly owned 129,017 shares of the company’s stock, valued at approximately $7,741,020. The trade was a 26.28% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 1,251,167 shares of company stock valued at $82,131,654. Insiders own 8.20% of the company’s stock.

MP Materials Price Performance

Shares of MP opened at $57.70 on Friday. MP Materials Corp. has a 12-month low of $28.35 and a 12-month high of $100.25. The business has a 50-day simple moving average of $61.48 and a two-hundred day simple moving average of $59.68. The company has a quick ratio of 6.58, a current ratio of 7.18 and a debt-to-equity ratio of 0.47. The stock has a market cap of $10.27 billion, a PE ratio of -137.37 and a beta of 1.86.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $90.65 million during the quarter, compared to analysts’ expectations of $74.82 million. During the same quarter in the prior year, the firm earned ($0.12) EPS. The business’s revenue for the quarter was up 49.1% compared to the same quarter last year. Analysts anticipate that MP Materials Corp. will post -0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on MP. Needham & Company LLC began coverage on MP Materials in a report on Monday, June 1st. They set a “buy” rating and a $81.00 price target for the company. Morgan Stanley boosted their price target on MP Materials from $62.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Barclays began coverage on MP Materials in a report on Thursday, May 21st. They set an “overweight” rating and a $69.00 price target for the company. DA Davidson reissued a “buy” rating and set a $82.00 price target on shares of MP Materials in a report on Friday, June 5th. Finally, Wall Street Zen raised MP Materials from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, MP Materials currently has a consensus rating of “Buy” and a consensus price target of $80.14.

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.