ARS Investment Partners LLC Sells 896,101 Shares of MP Materials Corp. $MP

ARS Investment Partners LLC trimmed its stake in shares of MP Materials Corp. (NYSE:MP) by 93.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,032 shares of the company’s stock after selling 896,101 shares during the quarter. ARS Investment Partners LLC’s holdings in MP Materials were worth $2,164,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Envestnet Asset Management Inc. increased its position in MP Materials by 12.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 23,254 shares of the company’s stock worth $568,000 after buying an additional 2,604 shares during the period. Cerity Partners LLC grew its stake in shares of MP Materials by 99.7% in the first quarter. Cerity Partners LLC now owns 20,308 shares of the company’s stock valued at $496,000 after acquiring an additional 10,138 shares in the last quarter. New York State Common Retirement Fund increased its position in MP Materials by 16.9% during the first quarter. New York State Common Retirement Fund now owns 103,743 shares of the company’s stock worth $2,532,000 after acquiring an additional 15,009 shares during the period. CWM LLC raised its stake in MP Materials by 16.5% in the 1st quarter. CWM LLC now owns 3,566 shares of the company’s stock worth $87,000 after purchasing an additional 505 shares in the last quarter. Finally, IFP Advisors Inc raised its stake in MP Materials by 47.8% in the 1st quarter. IFP Advisors Inc now owns 2,970 shares of the company’s stock worth $76,000 after purchasing an additional 960 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MP. Cowen reaffirmed a “buy” rating on shares of MP Materials in a research report on Friday, August 8th. JPMorgan Chase & Co. raised shares of MP Materials from a “neutral” rating to an “overweight” rating and cut their price target for the stock from $75.00 to $74.00 in a report on Friday, November 14th. Daiwa Capital Markets initiated coverage on shares of MP Materials in a research report on Monday, September 22nd. They set an “outperform” rating and a $80.00 price target on the stock. Cfra Research upgraded shares of MP Materials to a “moderate buy” rating in a research report on Monday, August 11th. Finally, Canaccord Genuity Group upped their target price on MP Materials from $64.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $79.00.

MP Materials Price Performance

MP Materials stock opened at $58.59 on Wednesday. The stock has a 50-day moving average price of $68.90 and a two-hundred day moving average price of $53.64. MP Materials Corp. has a 12 month low of $15.56 and a 12 month high of $100.25. The company has a market capitalization of $10.38 billion, a PE ratio of -82.52 and a beta of 2.26. The company has a current ratio of 8.05, a quick ratio of 7.51 and a debt-to-equity ratio of 0.47.

MP Materials (NYSE:MP) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.05. The company had revenue of $53.55 million for the quarter, compared to analysts’ expectations of $49.72 million. MP Materials had a negative return on equity of 7.69% and a negative net margin of 50.55%.The business’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.12) earnings per share. Analysts expect that MP Materials Corp. will post -0.19 EPS for the current year.

Insider Transactions at MP Materials

In other news, COO Michael Stuart Rosenthal sold 150,000 shares of the firm’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $72.02, for a total transaction of $10,803,000.00. Following the completion of the transaction, the chief operating officer owned 1,284,409 shares of the company’s stock, valued at approximately $92,503,136.18. This trade represents a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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.