Myriad Asset Management US LP Acquires Shares of 10,449 MP Materials Corp. $MP

Myriad Asset Management US LP purchased a new stake in MP Materials Corp. (NYSE:MP) during the third quarter, HoldingsChannel.com reports. The firm purchased 10,449 shares of the company’s stock, valued at approximately $701,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Calamos Advisors LLC bought a new stake in shares of MP Materials during the third quarter valued at approximately $16,726,000. Rockefeller Capital Management L.P. lifted its position in MP Materials by 132.7% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 176,984 shares of the company’s stock valued at $5,888,000 after acquiring an additional 100,915 shares in the last quarter. Ballentine Partners LLC bought a new position in shares of MP Materials during the second quarter worth about $241,000. Campbell & CO Investment Adviser LLC acquired a new position in MP Materials during the third quarter valued at approximately $670,000. Finally, Concurrent Investment Advisors LLC bought a new position in shares of MP Materials in the 3rd quarter valued at about $550,000. 52.55% of the stock is currently owned by institutional investors and hedge funds.

MP Materials Price Performance

MP Materials stock opened at $68.43 on Friday. MP Materials Corp. has a 52 week low of $18.64 and a 52 week high of $100.25. The company’s 50 day moving average price is $58.98 and its two-hundred day moving average price is $63.81. The stock has a market cap of $12.13 billion, a P/E ratio of -96.38 and a beta of 1.62. The company has a quick ratio of 7.51, a current ratio of 8.05 and a debt-to-equity ratio of 0.47.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.05. The company had revenue of $53.55 million during the quarter, compared to analyst estimates of $49.72 million. MP Materials had a negative net margin of 50.55% and a negative return on equity of 7.69%. The firm’s revenue for the quarter was down 14.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.12) earnings per share. On average, equities analysts predict that MP Materials Corp. will post -0.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. upgraded MP Materials from a “neutral” rating to an “overweight” rating and lowered their target price for the stock from $75.00 to $74.00 in a research note on Friday, November 14th. Bank of America lifted their price target on MP Materials from $78.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Morgan Stanley upgraded shares of MP Materials from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $68.50 to $71.00 in a research report on Friday, December 5th. BMO Capital Markets raised MP Materials from a “market perform” rating to an “outperform” rating and cut their price target for the company from $76.00 to $75.00 in a research note on Monday, November 24th. Finally, DA Davidson restated a “buy” rating and issued a $82.00 price objective on shares of MP Materials in a report on Thursday, November 20th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $78.91.

Insider Transactions at MP Materials

In other MP Materials news, CFO Ryan Corbett sold 38,146 shares of the stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $60.00, for a total value of $2,288,760.00. Following the sale, the chief financial officer directly owned 156,666 shares in the company, valued at $9,399,960. This represents a 19.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO James H. Litinsky sold 385,000 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $62.94, for a total value of $24,231,900.00. Following the completion of the sale, the chief executive officer directly owned 13,105,965 shares in the company, valued at approximately $824,889,437.10. The trade was a 2.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 991,557 shares of company stock valued at $62,785,202 in the last ninety days. Insiders own 9.50% of the company’s stock.

About MP Materials

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.