Magnetar Financial LLC Trims Stake in MP Materials Corp. (NYSE:MP)

Magnetar Financial LLC reduced its holdings in shares of MP Materials Corp. (NYSE:MP) by 35.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 26,566 shares of the company’s stock after selling 14,764 shares during the period. Magnetar Financial LLC’s holdings in MP Materials were worth $414,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. KBC Group NV increased its stake in shares of MP Materials by 35.7% in the third quarter. KBC Group NV now owns 4,733 shares of the company’s stock worth $84,000 after purchasing an additional 1,246 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in shares of MP Materials by 197.0% in the third quarter. Thrivent Financial for Lutherans now owns 96,106 shares of the company’s stock worth $1,696,000 after purchasing an additional 63,751 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of MP Materials by 13.3% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 505,532 shares of the company’s stock worth $8,923,000 after purchasing an additional 59,469 shares in the last quarter. Great Valley Advisor Group Inc. increased its stake in shares of MP Materials by 26.9% in the third quarter. Great Valley Advisor Group Inc. now owns 103,155 shares of the company’s stock worth $1,821,000 after purchasing an additional 21,858 shares in the last quarter. Finally, Cerity Partners LLC increased its stake in shares of MP Materials by 160.1% in the third quarter. Cerity Partners LLC now owns 30,762 shares of the company’s stock worth $543,000 after purchasing an additional 18,934 shares in the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MP shares. BMO Capital Markets increased their price objective on shares of MP Materials from $22.00 to $29.00 and gave the stock a “market perform” rating in a research note on Thursday. DA Davidson upped their target price on shares of MP Materials from $25.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Canaccord Genuity Group upped their target price on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, MP Materials currently has an average rating of “Moderate Buy” and an average target price of $23.61.

MP Materials Price Performance

MP stock opened at $25.81 on Friday. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $27.29. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. The company has a fifty day simple moving average of $23.36 and a two-hundred day simple moving average of $19.74. The firm has a market capitalization of $4.22 billion, a P/E ratio of -43.75 and a beta of 2.32.

MP Materials (NYSE:MP) last released its quarterly earnings data on Thursday, February 20th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.05). MP Materials had a negative net margin of 32.09% and a negative return on equity of 8.44%. The business had revenue of $60.99 million for the quarter, compared to the consensus estimate of $50.71 million. Analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at MP Materials

In other news, CEO James H. Litinsky sold 386,223 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $24.01, for a total value of $9,273,214.23. Following the completion of the sale, the chief executive officer now owns 15,643,076 shares in the company, valued at approximately $375,590,254.76. This trade represents a 2.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ryan Corbett sold 60,000 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $25.51, for a total transaction of $1,530,600.00. Following the completion of the sale, the chief financial officer now owns 230,100 shares of the company’s stock, valued at $5,869,851. This trade represents a 20.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,112,316 shares of company stock worth $28,665,974 over the last 90 days. 12.60% of the stock is owned by insiders.

About MP Materials

MP Materials Corp., together with its subsidiaries, produces rare earth materials. The company owns and operates the Mountain Pass Rare Earth mine and processing facility in North America. It holds the mineral rights to the Mountain Pass mine and surrounding areas, as well as intellectual property rights related to the processing and development of rare earth minerals.