Envestnet Asset Management Inc. Raises Holdings in MP Materials Corp. $MP

Envestnet Asset Management Inc. boosted its stake in MP Materials Corp. (NYSE:MP) by 315.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 155,947 shares of the company’s stock after purchasing an additional 118,443 shares during the period. Envestnet Asset Management Inc. owned about 0.09% of MP Materials worth $10,459,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Caxton Associates LLP purchased a new position in shares of MP Materials in the second quarter worth $132,238,000. Invesco Ltd. grew its holdings in MP Materials by 14.3% in the 2nd quarter. Invesco Ltd. now owns 3,033,612 shares of the company’s stock worth $100,928,000 after acquiring an additional 378,510 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of MP Materials by 76.3% during the second quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company’s stock valued at $97,200,000 after acquiring an additional 1,264,243 shares during the last quarter. National Bank of Canada FI raised its stake in shares of MP Materials by 19,314.3% during the second quarter. National Bank of Canada FI now owns 2,013,462 shares of the company’s stock valued at $66,987,000 after acquiring an additional 2,003,091 shares during the last quarter. Finally, Segall Bryant & Hamill LLC boosted its holdings in shares of MP Materials by 2.0% during the second quarter. Segall Bryant & Hamill LLC now owns 1,196,902 shares of the company’s stock worth $39,821,000 after purchasing an additional 23,888 shares during the period. Hedge funds and other institutional investors own 52.55% of the company’s stock.

Insider Activity

In other MP Materials news, CEO James H. Litinsky sold 385,000 shares of the firm’s 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 completion of the transaction, the chief executive officer owned 13,105,965 shares of the company’s stock, valued at approximately $824,889,437.10. This trade represents a 2.85% decrease in their ownership of the stock. The sale 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 owned 156,666 shares of the company’s stock, valued at $9,399,960. The trade was a 19.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 723,146 shares of company stock valued at $45,767,276. 9.50% of the stock is owned by company insiders.

MP Materials Price Performance

MP opened at $58.03 on Thursday. The company has a current ratio of 8.05, a quick ratio of 7.51 and a debt-to-equity ratio of 0.47. The company has a market cap of $10.28 billion, a price-to-earnings ratio of -81.73 and a beta of 1.60. The stock has a fifty day simple moving average of $59.66 and a two-hundred day simple moving average of $64.80. MP Materials Corp. has a 12-month low of $18.64 and a 12-month high of $100.25.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. DA Davidson restated a “buy” rating and set a $82.00 price target on shares of MP Materials in a report on Wednesday. The Goldman Sachs Group assumed coverage on MP Materials in a research note on Wednesday, November 19th. They set a “buy” rating and a $77.00 target price on the stock. JPMorgan Chase & Co. upgraded MP Materials from a “neutral” rating to an “overweight” rating and decreased their target price for the company from $75.00 to $74.00 in a report on Friday, November 14th. TD Securities upgraded shares of MP Materials to a “strong-buy” rating in a report on Monday, February 9th. Finally, Wall Street Zen lowered shares of MP Materials from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $78.91.

MP Materials 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.