Edgestream Partners L.P. Purchases New Stake in MP Materials Corp. $MP

Edgestream Partners L.P. acquired a new position in shares of MP Materials Corp. (NYSE:MP) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 38,342 shares of the company’s stock, valued at approximately $1,276,000.

A number of other large investors also recently added to or reduced their stakes in MP. Highline Wealth Partners LLC acquired a new stake in shares of MP Materials during the 2nd quarter worth approximately $25,000. AdvisorNet Financial Inc grew its holdings in MP Materials by 168.7% during the 2nd quarter. AdvisorNet Financial Inc now owns 806 shares of the company’s stock worth $27,000 after acquiring an additional 506 shares during the period. MAI Capital Management raised its position in shares of MP Materials by 132.7% during the 1st quarter. MAI Capital Management now owns 1,403 shares of the company’s stock valued at $34,000 after acquiring an additional 800 shares during the last quarter. Spire Wealth Management lifted its stake in shares of MP Materials by 181.3% in the 2nd quarter. Spire Wealth Management now owns 1,010 shares of the company’s stock valued at $34,000 after purchasing an additional 651 shares during the period. Finally, Harbour Investments Inc. boosted its position in shares of MP Materials by 32.9% in the 2nd quarter. Harbour Investments Inc. now owns 1,220 shares of the company’s stock worth $41,000 after purchasing an additional 302 shares during the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

MP Materials Stock Up 0.6%

Shares of MP stock opened at $62.17 on Friday. The firm has a fifty day moving average of $66.48 and a 200-day moving average of $56.58. The company has a quick ratio of 7.51, a current ratio of 8.05 and a debt-to-equity ratio of 0.47. 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 $11.02 billion, a price-to-earnings ratio of -87.56 and a beta of 1.69.

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

Insider Transactions at MP Materials

In other news, CEO James H. Litinsky sold 385,000 shares of the business’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $62.94, for a total value of $24,231,900.00. Following the sale, the chief executive officer directly owned 13,105,965 shares in the company, valued at $824,889,437.10. The trade was a 2.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Ryan Corbett sold 20,000 shares of the stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $57.72, for a total value of $1,154,400.00. Following the transaction, the chief financial officer owned 194,812 shares of the company’s stock, valued at approximately $11,244,548.64. The trade was a 9.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 653,411 shares of company stock worth $41,249,826. Corporate insiders own 9.50% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on MP shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of MP Materials in a report on Wednesday, October 8th. JPMorgan Chase & Co. upgraded MP Materials from a “neutral” rating to an “overweight” rating and decreased their target price for the stock from $75.00 to $74.00 in a research report on Friday, November 14th. Canaccord Genuity Group increased their price target on shares of MP Materials from $64.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, August 8th. DA Davidson reissued a “buy” rating and set a $82.00 price objective on shares of MP Materials in a research note on Thursday, November 20th. Finally, Daiwa Capital Markets started coverage on shares of MP Materials in a research note on Monday, September 22nd. They issued an “outperform” rating and a $80.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $78.91.

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.