D.A. Davidson & CO. Reduces Stock Holdings in MP Materials Corp. $MP

D.A. Davidson & CO. lessened its stake in shares of MP Materials Corp. (NYSE:MP) by 45.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 20,372 shares of the company’s stock after selling 16,908 shares during the period. D.A. Davidson & CO.’s holdings in MP Materials were worth $1,366,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Royal Bank of Canada increased its position in MP Materials by 26.5% during the first quarter. Royal Bank of Canada now owns 234,185 shares of the company’s stock valued at $5,716,000 after acquiring an additional 49,052 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of MP Materials during the 1st quarter worth about $215,000. Integrated Wealth Concepts LLC bought a new position in MP Materials during the 1st quarter valued at about $219,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in MP Materials by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,793 shares of the company’s stock valued at $265,000 after purchasing an additional 479 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in MP Materials by 36.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 193,943 shares of the company’s stock worth $4,734,000 after purchasing an additional 51,348 shares during the period. 52.55% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on MP. Daiwa Capital Markets started coverage on MP Materials in a research report on Monday, September 22nd. They set an “outperform” rating and a $80.00 target price for the company. Wall Street Zen cut MP Materials from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Morgan Stanley upgraded MP Materials from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $68.50 to $71.00 in a research note on Friday, December 5th. Bank of America boosted their target price on shares of MP Materials from $78.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Finally, BMO Capital Markets upgraded shares of MP Materials from a “market perform” rating to an “outperform” rating and cut their price target for the stock from $76.00 to $75.00 in a report on Monday, November 24th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.91.

MP Materials Trading Up 1.5%

Shares of NYSE MP opened at $61.98 on Friday. MP Materials Corp. has a twelve month low of $18.64 and a twelve month high of $100.25. The firm has a market cap of $10.98 billion, a PE ratio of -87.30 and a beta of 1.62. The business has a fifty day simple moving average of $57.33 and a two-hundred day simple moving average of $61.89. 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 (NYSE:MP) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.05. The firm had revenue of $53.55 million for the quarter, compared to analyst estimates 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 revenue for the quarter was down 14.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.12) earnings per share. Analysts expect that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO James H. Litinsky sold 385,000 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $62.94, for a total transaction of $24,231,900.00. Following the transaction, the chief executive officer directly owned 13,105,965 shares in the company, valued at approximately $824,889,437.10. This trade represents a 2.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Ryan Corbett sold 38,146 shares of MP Materials stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $60.00, for a total transaction of $2,288,760.00. Following the transaction, the chief financial officer directly owned 156,666 shares in the company, valued at approximately $9,399,960. The trade was a 19.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 964,157 shares of company stock worth $61,031,328. 9.50% of the stock is owned by company insiders.

MP Materials Company Profile

MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.

The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.