Clear Street Group Inc. Buys New Position in MP Materials Corp. $MP

Clear Street Group Inc. bought a new stake in MP Materials Corp. (NYSE:MP) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 100,036 shares of the company’s stock, valued at approximately $5,054,000. Clear Street Group Inc. owned about 0.06% of MP Materials as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. bought a new position in MP Materials in the fourth quarter valued at approximately $26,000. REAP Financial Group LLC bought a new position in MP Materials in the fourth quarter valued at approximately $26,000. Financial Consulate Inc. grew its stake in MP Materials by 555.3% in the fourth quarter. Financial Consulate Inc. now owns 557 shares of the company’s stock valued at $28,000 after purchasing an additional 472 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in MP Materials in the fourth quarter valued at approximately $28,000. Finally, Bessemer Group Inc. grew its stake in MP Materials by 75.9% in the third quarter. Bessemer Group Inc. now owns 642 shares of the company’s stock valued at $43,000 after purchasing an additional 277 shares in the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on MP shares. Morgan Stanley raised their price target on MP Materials from $62.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a report on Tuesday, April 21st. Wall Street Zen raised MP Materials from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Wedbush boosted 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. Finally, Canaccord Genuity Group set a $82.00 target price on MP Materials in a report on Friday, May 8th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $80.14.

MP Materials Stock Performance

MP opened at $57.70 on Friday. The business has a fifty day simple moving average of $61.48 and a 200 day simple moving average of $59.68. The company has a market capitalization of $10.27 billion, a PE ratio of -137.37 and a beta of 1.86. MP Materials Corp. has a 1 year low of $28.35 and a 1 year high of $100.25. The company has a debt-to-equity ratio of 0.47, a current ratio of 7.18 and a quick ratio of 6.58.

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

Insider Buying and Selling at MP Materials

In other MP Materials news, CFO Ryan Corbett sold 46,000 shares of MP Materials stock in a transaction on 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 $7,741,020. The trade was a 26.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James H. Litinsky sold 259,179 shares of MP Materials stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 12,505,965 shares of the company’s stock, valued at $800,756,938.95. This represents a 2.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,251,167 shares of company stock valued at $82,131,654 over the last ninety days. Insiders own 8.20% of the company’s stock.

MP Materials Company 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.