MP Materials Corp. $MP Shares Purchased by Harbor Investment Advisory LLC

Harbor Investment Advisory LLC boosted its holdings in MP Materials Corp. (NYSE:MP) by 704.7% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,771 shares of the company’s stock after acquiring an additional 11,184 shares during the period. Harbor Investment Advisory LLC’s holdings in MP Materials were worth $715,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Hancock Prospecting Pty Ltd lifted its holdings in shares of MP Materials by 7.2% in the 3rd quarter. Hancock Prospecting Pty Ltd now owns 14,861,212 shares of the company’s stock worth $996,741,000 after purchasing an additional 1,000,000 shares during the last quarter. Vanguard Group Inc. grew its stake in MP Materials by 3.3% during the 4th quarter. Vanguard Group Inc. now owns 14,479,787 shares of the company’s stock worth $731,519,000 after buying an additional 459,213 shares during the last quarter. State Street Corp increased its position in MP Materials by 13.2% in the fourth quarter. State Street Corp now owns 6,597,885 shares of the company’s stock worth $333,325,000 after buying an additional 769,517 shares during the period. BNP Paribas Financial Markets increased its position in MP Materials by 76.3% in the second 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 period. Finally, Van ECK Associates Corp lifted its stake 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 buying an additional 1,183,307 shares during the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at MP Materials

In related news, COO Michael Stuart Rosenthal acquired 17,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were acquired at an average price of $56.62 per share, for a total transaction of $962,540.00. Following the completion of the purchase, the chief operating officer directly owned 1,333,673 shares of the company’s stock, valued at $75,512,565.26. The trade was a 1.29% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Ryan Corbett sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $75.00, for a total value of $1,500,000.00. Following the completion of the sale, the chief financial officer owned 109,017 shares of the company’s stock, valued at $8,176,275. This trade represents a 15.50% 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. In the last 90 days, insiders have sold 905,167 shares of company stock valued at $60,161,837. Company insiders own 8.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MP. Deutsche Bank Aktiengesellschaft reduced their price target on shares of MP Materials from $70.00 to $61.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Wedbush increased their price objective on shares of MP Materials from $90.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. JPMorgan Chase & Co. cut their price objective on shares of MP Materials from $75.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 29th. Morgan Stanley boosted their target price on shares of MP Materials from $70.00 to $71.50 and gave the company an “overweight” rating in a research note on Wednesday, July 8th. Finally, Needham & Company LLC decreased their target price on shares of MP Materials from $81.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, July 22nd. Two research 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 stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $78.21.

MP Materials Trading Up 1.1%

Shares of MP stock opened at $48.00 on Thursday. MP Materials Corp. has a 1 year low of $37.81 and a 1 year high of $100.25. The firm has a market capitalization of $8.55 billion, a PE ratio of -114.29 and a beta of 1.88. The stock has a fifty day moving average of $53.42 and a two-hundred day moving average of $57.73. The company has a debt-to-equity ratio of 0.47, a quick ratio of 6.58 and a current ratio of 7.18.

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

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.