20,000 Shares in MP Materials Corp. $MP Purchased by Monetta Financial Services Inc.

Monetta Financial Services Inc. bought a new position in shares of MP Materials Corp. (NYSE:MP) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 20,000 shares of the company’s stock, valued at approximately $1,120,000.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of MP Materials during the 4th quarter worth approximately $82,531,000. BNP Paribas Financial Markets boosted its stake in MP Materials by 76.3% in 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 during the last quarter. Van ECK Associates Corp grew its holdings in MP Materials by 71.6% in the fourth quarter. Van ECK Associates Corp now owns 2,834,914 shares of the company’s stock valued at $143,220,000 after purchasing an additional 1,183,307 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of MP Materials during the 2nd quarter valued at $65,230,000. Finally, Hancock Prospecting Pty Ltd increased its stake in MP Materials by 7.2% during the third quarter. Hancock Prospecting Pty Ltd now owns 14,861,212 shares of the company’s stock worth $996,741,000 after acquiring an additional 1,000,000 shares during the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MP has been the topic of several research reports. DA Davidson reissued a “buy” rating and issued a $82.00 price objective on shares of MP Materials in a research report on Friday, June 5th. JPMorgan Chase & Co. cut their price target on shares of MP Materials from $75.00 to $60.00 and set an “overweight” rating on the stock in a report on Wednesday, July 29th. Wedbush increased their target price on MP Materials from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of MP Materials in a research note on Friday, July 17th. Finally, Citigroup reissued a “positive” rating on shares of MP Materials in a report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, MP Materials presently has a consensus rating of “Buy” and an average price target of $78.21.

Insider Transactions at MP Materials

In other news, COO Michael Stuart Rosenthal purchased 10,000 shares of MP Materials stock in a transaction dated Tuesday, June 9th. The shares were bought at an average cost of $54.30 per share, with a total value of $543,000.00. Following the completion of the transaction, the chief operating officer directly owned 136,622 shares in the company, valued at $7,418,574.60. This trade represents a 7.90% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James H. Litinsky sold 234,651 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $65.87, for a total transaction of $15,456,461.37. Following the completion of the transaction, the chief executive officer directly owned 11,855,965 shares of the company’s stock, valued at approximately $780,952,414.55. The trade was a 1.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 585,167 shares of company stock worth $39,028,272. Company insiders own 8.20% of the company’s stock.

MP Materials Stock Up 0.2%

MP stock opened at $56.79 on Thursday. The company has a 50-day moving average of $51.76 and a two-hundred day moving average of $56.89. The stock has a market capitalization of $10.11 billion, a price-to-earnings ratio of -167.02 and a beta of 1.88. The company has a debt-to-equity ratio of 0.48, a current ratio of 9.51 and a quick ratio of 8.56. MP Materials Corp. has a 52-week low of $37.81 and a 52-week high of $100.25.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). MP Materials had a negative net margin of 19.85% and a negative return on equity of 1.21%. The company had revenue of $108.49 million during the quarter, compared to analysts’ expectations of $96.89 million. During the same quarter in the prior year, the company posted ($0.13) EPS. The business’s revenue was up 89.0% on a year-over-year basis. As a group, equities research analysts anticipate that MP Materials Corp. will post -0.07 EPS for the current year.

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.