MP Materials Corp. (NYSE:MP) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its holdings in MP Materials Corp. (NYSE:MP) by 2.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,919 shares of the company’s stock after selling 1,719 shares during the period. State of Alaska Department of Revenue’s holdings in MP Materials were worth $1,633,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in MP Materials during the fourth quarter worth about $6,284,000. Proficio Capital Partners LLC purchased a new stake in shares of MP Materials in the 4th quarter valued at approximately $399,000. KLP Kapitalforvaltning AS acquired a new stake in shares of MP Materials during the 4th quarter worth approximately $388,000. Invesco Ltd. raised its position in shares of MP Materials by 0.4% during the 4th quarter. Invesco Ltd. now owns 2,118,580 shares of the company’s stock valued at $33,050,000 after buying an additional 7,453 shares during the period. Finally, Sei Investments Co. acquired a new position in MP Materials in the fourth quarter valued at approximately $156,000. 52.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MP. DA Davidson increased their target price on shares of MP Materials from $25.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Robert W. Baird increased their price objective on shares of MP Materials from $30.00 to $38.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 17th. Morgan Stanley raised MP Materials from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $23.00 to $34.00 in a research report on Thursday, June 5th. JPMorgan Chase & Co. decreased their price target on MP Materials from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Monday, May 12th. Finally, BMO Capital Markets boosted their price objective on MP Materials from $22.00 to $29.00 and gave the company a “market perform” rating in a report on Thursday, March 20th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $27.06.

MP Materials Price Performance

Shares of NYSE MP opened at $34.80 on Wednesday. The company has a debt-to-equity ratio of 0.81, a current ratio of 4.12 and a quick ratio of 3.58. The company has a market cap of $5.69 billion, a price-to-earnings ratio of -53.54 and a beta of 2.14. The stock’s 50-day moving average is $25.22 and its two-hundred day moving average is $23.23. MP Materials Corp. has a 1-year low of $10.02 and a 1-year high of $39.10.

MP Materials (NYSE:MP) last released its earnings results on Thursday, May 8th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.02). MP Materials had a negative return on equity of 9.77% and a negative net margin of 48.41%. The firm had revenue of $60.81 million for the quarter, compared to analysts’ expectations of $64.74 million. During the same quarter in the previous year, the company posted ($0.04) earnings per share. The firm’s quarterly revenue was up 24.9% on a year-over-year basis. Analysts forecast that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

Insider Activity

In related news, CEO James H. Litinsky sold 199,180 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $27.08, for a total transaction of $5,393,794.40. Following the completion of the sale, the chief executive officer now owns 13,643,076 shares in the company, valued at $369,454,498.08. The trade was a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 12.60% of the company’s stock.

MP Materials Profile

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.