Pacer Advisors Inc. Purchases New Shares in MP Materials Corp. $MP

Pacer Advisors Inc. acquired a new position in shares of MP Materials Corp. (NYSE:MP) during the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 17,980 shares of the company’s stock, valued at approximately $1,206,000.

A number of other hedge funds also recently bought and sold shares of MP. Highline Wealth Partners LLC acquired a new position in shares of MP Materials in the second quarter worth about $25,000. Sound Income Strategies LLC boosted its stake in 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. AdvisorNet Financial Inc grew its position in MP Materials by 168.7% during the 2nd quarter. AdvisorNet Financial Inc now owns 806 shares of the company’s stock worth $27,000 after purchasing an additional 506 shares in the last quarter. MAI Capital Management grew its position in MP Materials by 132.7% during the 1st quarter. MAI Capital Management now owns 1,403 shares of the company’s stock worth $34,000 after purchasing an additional 800 shares in the last quarter. Finally, Spire Wealth Management raised its stake in MP Materials by 181.3% during the 2nd quarter. Spire Wealth Management now owns 1,010 shares of the company’s stock valued at $34,000 after purchasing an additional 651 shares during the period. 52.55% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at MP Materials

In other MP Materials news, CFO Ryan Corbett sold 38,146 shares of MP Materials stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $60.00, for a total value of $2,288,760.00. Following the completion of the sale, the chief financial officer directly owned 156,666 shares in the company, valued at $9,399,960. The trade was a 19.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James H. Litinsky sold 385,000 shares of the stock in a transaction 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 transaction, the chief executive officer owned 13,105,965 shares in the company, valued at approximately $824,889,437.10. This trade represents a 2.85% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 691,557 shares of company stock worth $43,538,586. Insiders own 9.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MP. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a research report on Wednesday, October 8th. DA Davidson restated a “buy” rating and set a $82.00 price objective on shares of MP Materials in a research report on Thursday, November 20th. Bank of America lifted their target price on MP Materials from $78.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Morgan Stanley upgraded 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, JPMorgan Chase & Co. upgraded shares of MP Materials from a “neutral” rating to an “overweight” rating and decreased their price target for the stock from $75.00 to $74.00 in a report on Friday, November 14th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $78.91.

MP Materials Stock Performance

Shares of NYSE MP opened at $50.52 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 8.05 and a quick ratio of 7.51. MP Materials Corp. has a one year low of $15.56 and a one year high of $100.25. The business’s 50-day moving average price is $58.02 and its two-hundred day moving average price is $60.72. The company has a market capitalization of $8.95 billion, a P/E ratio of -71.15 and a beta of 1.62.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.05. The company had revenue of $53.55 million during the quarter, compared to the consensus estimate of $49.72 million. MP Materials had a negative return on equity of 7.69% and a negative net margin of 50.55%.The business’s quarterly revenue was down 14.9% on a year-over-year basis. During the same period last year, the business earned ($0.12) EPS. Analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current fiscal 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.