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

HITE Hedge Asset Management LLC lifted its position in shares of MP Materials Corp. (NYSE:MP) by 103.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 242,160 shares of the company’s stock after acquiring an additional 122,985 shares during the quarter. MP Materials accounts for approximately 0.9% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 29th largest holding. HITE Hedge Asset Management LLC owned about 0.14% of MP Materials worth $16,242,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MP. Arrowstreet Capital Limited Partnership purchased a new stake in MP Materials in the 3rd quarter valued at approximately $3,191,000. Sei Investments Co. increased its position in MP Materials by 21.0% during the 3rd quarter. Sei Investments Co. now owns 37,063 shares of the company’s stock worth $2,486,000 after purchasing an additional 6,441 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of MP Materials by 111.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 737,336 shares of the company’s stock worth $49,453,000 after buying an additional 388,544 shares in the last quarter. RiverPark Advisors LLC purchased a new position in shares of MP Materials during the 3rd quarter worth approximately $169,000. Finally, Quadrant Capital Group LLC lifted its holdings in shares of MP Materials by 9.2% in the 3rd quarter. Quadrant Capital Group LLC now owns 13,260 shares of the company’s stock valued at $889,000 after buying an additional 1,113 shares during the period. 52.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. William Blair restated an “outperform” rating on shares of MP Materials in a research note on Wednesday, March 4th. JPMorgan Chase & Co. upgraded MP Materials from a “neutral” rating to an “overweight” rating and cut their price objective for the stock from $75.00 to $74.00 in a research report on Friday, November 14th. Wall Street Zen raised MP Materials from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. DA Davidson reaffirmed a “buy” rating and set a $82.00 price target on shares of MP Materials in a research note on Wednesday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a research note on Thursday, January 22nd. Two research 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 stock. According to MarketBeat.com, MP Materials presently has an average rating of “Buy” and a consensus target price of $78.91.

MP Materials Price Performance

Shares of NYSE:MP opened at $60.07 on Friday. The firm has a market capitalization of $10.65 billion, a price-to-earnings ratio of -115.52 and a beta of 1.55. 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 simple moving average is $61.61 and its 200-day simple moving average is $63.57. MP Materials Corp. has a 12 month low of $18.64 and a 12 month high of $100.25.

Insider Transactions at MP Materials

In other MP Materials news, CEO James H. Litinsky sold 272,600 shares of the business’s stock in a transaction on 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 sale, the chief executive officer directly owned 12,805,965 shares in the company, valued at approximately $821,758,774.05. The trade was a 2.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 9.50% of the company’s stock.

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.