Cresset Asset Management LLC Purchases 14,782 Shares of MP Materials Corp. $MP

Cresset Asset Management LLC increased its holdings in shares of MP Materials Corp. (NYSE:MP) by 68.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,226 shares of the company’s stock after purchasing an additional 14,782 shares during the period. Cresset Asset Management LLC’s holdings in MP Materials were worth $2,430,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its stake in MP Materials by 26.5% in the 1st 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 in the last quarter. AQR Capital Management LLC bought a new stake in shares of MP Materials in the first quarter worth $215,000. Integrated Wealth Concepts LLC bought a new stake in shares of MP Materials in the first quarter worth $219,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in MP Materials by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,793 shares of the company’s stock worth $265,000 after purchasing an additional 479 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in MP Materials by 36.0% in the first quarter. Goldman Sachs Group Inc. now owns 193,943 shares of the company’s stock valued at $4,734,000 after purchasing an additional 51,348 shares in the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.

MP Materials Trading Down 0.4%

Shares of NYSE:MP opened at $58.26 on Friday. MP Materials Corp. has a 52-week low of $18.64 and a 52-week high of $100.25. The company has a debt-to-equity ratio of 0.47, a quick ratio of 6.67 and a current ratio of 7.24. The company has a market capitalization of $10.33 billion, a P/E ratio of -112.04 and a beta of 1.55. The company has a 50-day simple moving average of $60.79 and a 200 day simple moving average of $63.73.

Analyst Ratings Changes

Several brokerages have commented on MP. Morgan Stanley raised shares of MP Materials from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $68.50 to $71.00 in a research report on Friday, December 5th. Deutsche Bank Aktiengesellschaft upgraded MP Materials from a “hold” rating to a “buy” rating and raised their price objective for the company from $68.00 to $71.00 in a report on Monday, November 10th. JPMorgan Chase & Co. upgraded MP Materials from a “neutral” rating to an “overweight” rating and dropped their target price for the stock from $75.00 to $74.00 in a report on Friday, November 14th. BMO Capital Markets raised MP Materials from a “market perform” rating to an “outperform” rating and reduced their price target for the company from $76.00 to $75.00 in a research report on Monday, November 24th. Finally, Wall Street Zen upgraded MP Materials from a “sell” rating to a “hold” rating in a research note on Sunday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, MP Materials has a consensus rating of “Buy” and an average price target of $78.91.

Insider Buying and Selling

In related news, CFO Ryan Corbett sold 38,146 shares of the business’s stock in a transaction that occurred on Tuesday, December 9th. The stock was 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 of the company’s stock, valued at approximately $9,399,960. The trade was a 19.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James H. Litinsky sold 272,600 shares of the stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $64.17, for a total value of $17,492,742.00. Following the completion of the sale, the chief executive officer owned 12,805,965 shares in the company, valued at approximately $821,758,774.05. This trade represents a 2.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 338,146 shares of company stock worth $21,535,376 over the last three months. 9.50% of the stock is owned by 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.