MP Materials Corp. $MP Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its stake in MP Materials Corp. (NYSE:MP) by 17.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,158 shares of the company’s stock after selling 4,362 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in MP Materials were worth $704,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of MP. Highline Wealth Partners LLC purchased a new position in MP Materials in the 2nd quarter valued at $25,000. AdvisorNet Financial Inc lifted its stake in MP Materials by 168.7% in the 2nd quarter. AdvisorNet Financial Inc now owns 806 shares of the company’s stock worth $27,000 after purchasing an additional 506 shares in the last quarter. MAI Capital Management lifted its stake in MP Materials by 132.7% in the 1st quarter. MAI Capital Management now owns 1,403 shares of the company’s stock worth $34,000 after purchasing an additional 800 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of MP Materials during the 1st quarter worth approximately $35,000. Finally, Banque Cantonale Vaudoise acquired a new stake in shares of MP Materials in the 1st quarter worth $35,000. 52.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at MP Materials

In related news, COO Michael Stuart Rosenthal sold 150,000 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $72.02, for a total value of $10,803,000.00. Following the transaction, the chief operating officer owned 1,284,409 shares of the company’s stock, valued at $92,503,136.18. This represents a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 9.50% of the company’s stock.

Analyst Upgrades and Downgrades

MP has been the topic of several recent analyst reports. Cowen reissued a “buy” rating on shares of MP Materials in a research note on Friday, August 8th. DA Davidson boosted their price target on shares of MP Materials from $32.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, September 2nd. Deutsche Bank Aktiengesellschaft increased their price objective on shares of MP Materials from $20.00 to $69.00 and gave the stock a “hold” rating in a research report on Thursday, July 17th. Robert W. Baird lifted their price objective on MP Materials from $52.00 to $69.00 and gave the company an “outperform” rating in a research note on Wednesday, July 23rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of MP Materials in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $77.80.

MP Materials Trading Down 2.9%

NYSE:MP opened at $63.02 on Friday. MP Materials Corp. has a 12-month low of $15.56 and a 12-month high of $100.25. The firm has a market cap of $11.16 billion, a PE ratio of -100.03 and a beta of 2.32. The company has a current ratio of 3.60, a quick ratio of 3.12 and a debt-to-equity ratio of 0.83. The stock has a fifty day moving average price of $71.31 and a 200 day moving average price of $50.48.

MP Materials (NYSE:MP) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.03. The company had revenue of $57.39 million for the quarter, compared to the consensus estimate of $44.84 million. MP Materials had a negative return on equity of 9.34% and a negative net margin of 41.87%.MP Materials’s revenue was up 83.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.17) EPS. Sell-side analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

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.