Myriad Asset Management Advisors LLC Acquires Shares of 24,329 MP Materials Corp. $MP

Myriad Asset Management Advisors LLC acquired a new stake in MP Materials Corp. (NYSE:MP) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 24,329 shares of the company’s stock, valued at approximately $1,229,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC raised its position in MP Materials by 81.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 61,305 shares of the company’s stock valued at $3,097,000 after purchasing an additional 27,526 shares during the period. Deutsche Bank AG increased its position in shares of MP Materials by 325.9% during the fourth quarter. Deutsche Bank AG now owns 88,565 shares of the company’s stock worth $4,474,000 after acquiring an additional 67,769 shares during the last quarter. Cerity Partners LLC increased its position in shares of MP Materials by 82.3% during the fourth quarter. Cerity Partners LLC now owns 32,168 shares of the company’s stock worth $1,625,000 after acquiring an additional 14,525 shares during the last quarter. Erste Asset Management GmbH increased its position in shares of MP Materials by 446.5% during the fourth quarter. Erste Asset Management GmbH now owns 1,776 shares of the company’s stock worth $90,000 after acquiring an additional 1,451 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in shares of MP Materials by 10.6% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 6,895 shares of the company’s stock worth $348,000 after acquiring an additional 659 shares during the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

MP Materials Stock Down 1.7%

Shares of MP Materials stock opened at $53.40 on Thursday. 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 firm has a market cap of $9.51 billion, a P/E ratio of -127.15 and a beta of 1.86. MP Materials Corp. has a fifty-two week low of $23.26 and a fifty-two week high of $100.25. The business has a 50-day moving average price of $61.11 and a 200 day moving average price of $59.68.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.04. The firm had revenue of $90.65 million during the quarter, compared to analyst estimates of $74.82 million. MP Materials had a negative return on equity of 2.27% and a negative net margin of 28.00%.MP Materials’s quarterly revenue was up 49.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.12) earnings per share. On average, sell-side analysts forecast that MP Materials Corp. will post -0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. William Blair reaffirmed an “outperform” rating on shares of MP Materials in a research report on Wednesday, March 4th. Wedbush lifted their target price on MP Materials from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Barclays assumed coverage on MP Materials in a research report on Thursday, May 21st. They set an “overweight” rating and a $69.00 target price on the stock. Canaccord Genuity Group set a $82.00 target price on MP Materials in a research report on Friday, May 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a research report on Tuesday, April 21st. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, MP Materials currently has an average rating of “Buy” and a consensus price target of $80.14.

Insider Activity at MP Materials

In other news, CFO Ryan Corbett sold 46,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $60.00, for a total transaction 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. This represents a 26.28% 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 the SEC website. Also, CEO James H. Litinsky sold 259,179 shares of the company’s stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $64.03, for a total value of $16,595,231.37. Following the transaction, the chief executive officer directly owned 12,505,965 shares of the company’s stock, valued at $800,756,938.95. This trade represents a 2.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 1,251,167 shares of company stock valued at $82,131,654 over the last ninety days. Corporate insiders own 8.20% 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.