Ion Asset Management Ltd. Sells 18,445 Shares of MP Materials Corp. $MP

Ion Asset Management Ltd. cut its holdings in shares of MP Materials Corp. (NYSE:MP) by 58.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,985 shares of the company’s stock after selling 18,445 shares during the period. Ion Asset Management Ltd.’s holdings in MP Materials were worth $871,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Sound Income Strategies LLC boosted its holdings in shares of MP Materials by 420.0% during the 3rd quarter. Sound Income Strategies LLC now owns 364 shares of the company’s stock valued at $26,000 after acquiring an additional 294 shares during the last quarter. Grove Bank & Trust purchased a new stake in MP Materials in the third quarter worth approximately $34,000. SJS Investment Consulting Inc. raised its stake in MP Materials by 4,600.0% during the 3rd quarter. SJS Investment Consulting Inc. now owns 564 shares of the company’s stock valued at $38,000 after buying an additional 552 shares during the last quarter. Hilltop National Bank lifted its holdings in shares of MP Materials by 500.0% during the 3rd quarter. Hilltop National Bank now owns 600 shares of the company’s stock valued at $40,000 after buying an additional 500 shares during the period. Finally, Bessemer Group Inc. boosted its stake in shares of MP Materials by 75.9% in the 3rd quarter. Bessemer Group Inc. now owns 642 shares of the company’s stock worth $43,000 after buying an additional 277 shares during the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on MP. The Goldman Sachs Group started coverage on MP Materials in a research report on Wednesday, November 19th. They set a “buy” rating and a $77.00 price objective for the company. DA Davidson reissued a “buy” rating and issued a $82.00 target price on shares of MP Materials in a research report on Wednesday, March 11th. Wall Street Zen raised shares of MP Materials from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. TD Securities upgraded shares of MP Materials to a “strong-buy” rating in a research note on Monday, February 9th. Finally, BMO Capital Markets raised shares of MP Materials from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $76.00 to $75.00 in a report on Monday, November 24th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $78.91.

Insider Buying and Selling

In other news, CEO James H. Litinsky sold 272,600 shares of the business’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $64.17, for a total value of $17,492,742.00. Following the transaction, the chief executive officer directly owned 12,805,965 shares in the company, valued at $821,758,774.05. The trade was a 2.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.60% of the stock is currently owned by corporate insiders.

MP Materials Stock Down 4.7%

MP opened at $57.19 on Monday. The stock has a market cap of $10.14 billion, a price-to-earnings ratio of -109.98 and a beta of 1.55. The company has a debt-to-equity ratio of 0.47, a quick ratio of 6.67 and a current ratio of 7.24. The firm’s fifty day moving average is $61.65 and its 200 day moving average is $63.36. MP Materials Corp. has a fifty-two week low of $18.64 and a fifty-two week high of $100.25.

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.