MP Materials Corp. $MP Stock: Nan Fung Trinity HK Ltd. Cuts Holdings

Nan Fung Trinity HK Ltd. trimmed its position in MP Materials Corp. (NYSE:MP) by 21.2% during the third quarter, HoldingsChannel.com reports. The fund owned 283,050 shares of the company’s stock after selling 75,950 shares during the period. Nan Fung Trinity HK Ltd.’s holdings in MP Materials were worth $13,385,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp grew its holdings in MP Materials by 5.1% during the second quarter. State Street Corp now owns 7,773,746 shares of the company’s stock valued at $435,408,000 after purchasing an additional 376,519 shares during the period. Bank of New York Mellon Corp acquired a new stake in MP Materials in the second quarter worth $65,230,000. Principal Financial Group Inc. boosted its position in shares of MP Materials by 32.4% during the first quarter. Principal Financial Group Inc. now owns 919,083 shares of the company’s stock worth $44,355,000 after purchasing an additional 225,009 shares in the last quarter. Alps Advisors Inc. boosted its position in shares of MP Materials by 26.0% during the third quarter. Alps Advisors Inc. now owns 763,110 shares of the company’s stock worth $36,087,000 after purchasing an additional 157,272 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of MP Materials by 1.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 564,808 shares of the company’s stock worth $31,635,000 after purchasing an additional 8,556 shares in the last quarter. Institutional investors own 52.55% of the company’s stock.

More MP Materials News

Investors following MP have been watching these news items:

• Positive Sentiment: Recent third-quarter results beat estimates, supported by higher neodymium-praseodymium sales and pricing. The company has also reported progress on customer agreements with GM, Apple and U.S. defense customers. MP Gains 2% After Q3 Earnings Beat
• Neutral Sentiment: Analyst opinion is mixed: Freedom Broker upgraded the shares, while other coverage included a downgrade and Deutsche Bank lowered its price target to $40 from $53 but kept a Buy rating. Freedom Broker Upgrade Deutsche Bank Price Target
• Negative Sentiment: Commentary cautions that MP’s valuation may already reflect much of its growth prospects, while rising costs could weigh on profitability. Its shares have also underperformed over the year. MP Materials Q3 Beat and Valuation

Insiders Place Their Bets

In other news, COO Michael Rosenthal purchased 27,000 shares of the business’s stock in a transaction dated Tuesday, November 10th. The shares were bought at an average cost of $36.61 per share, for a total transaction of $988,470.00. Following the completion of the acquisition, the chief operating officer directly owned 1,360,673 shares in the company, valued at approximately $49,814,238.53. This trade represents a 2.02% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ryan Corbett purchased 5,476 shares of the business’s stock in a transaction dated Tuesday, November 10th. The stock was purchased at an average price of $36.25 per share, for a total transaction of $198,505.00. Following the completion of the acquisition, the chief financial officer owned 114,493 shares of the company’s stock, valued at approximately $4,150,371.25. This represents a 5.02% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders bought 92,476 shares of company stock worth $3,353,475. Corporate insiders own 8.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MP. Morgan Stanley decreased their price target on shares of MP Materials from $73.00 to $66.00 and set an “overweight” rating for the company in a report on Wednesday, October 7th. Canaccord Genuity Group dropped their price objective on MP Materials from $82.00 to $70.00 and set a “buy” rating on the stock in a research note on Monday. DA Davidson reiterated a “buy” rating and set a $82.00 target price on shares of MP Materials in a report on Monday, August 24th. Zacks Research lowered MP Materials from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 26th. Finally, Needham & Company LLC decreased their target price on MP Materials from $81.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $69.50.

MP Materials Stock Up 2.1%

Shares of MP stock opened at $37.49 on Friday. MP Materials Corp. has a 12-month low of $31.90 and a 12-month high of $76.80. The company has a quick ratio of 6.04, a current ratio of 6.75 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average of $44.22 and a 200-day moving average of $53.85. The company has a market capitalization of $6.68 billion, a price-to-earnings ratio of -170.39 and a beta of 2.05.

MP Materials (NYSE:MP) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.06. The business had revenue of $147.66 million for the quarter, compared to analysts’ expectations of $117.37 million. MP Materials had a negative net margin of 9.90% and a negative return on equity of 0.05%. The firm’s revenue was up 175.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.10) EPS. As a group, equities research analysts predict that MP Materials Corp. will post -0.21 earnings per share for the current fiscal year.

MP Materials Company Profile

MP Materials operates the Mountain Pass rare earth mine and processing facility in California. The site is a major North American source of rare earth materials, which are used in products such as electric vehicles, wind turbines, electronics and defense systems. The company mines and processes rare earth ore into concentrate and separated products, including neodymium-praseodymium (NdPr), a key input for high-strength permanent magnets. MP Materials is also developing domestic magnet manufacturing capabilities to extend its business further along the supply chain.