MP Materials Corp. $MP Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia reduced its holdings in MP Materials Corp. (NYSE:MP) by 38.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 346,105 shares of the company’s stock after selling 214,386 shares during the quarter. Bank of Nova Scotia owned 0.20% of MP Materials worth $23,213,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sound Income Strategies LLC grew its position in MP Materials by 420.0% in the third quarter. Sound Income Strategies LLC now owns 364 shares of the company’s stock worth $26,000 after buying an additional 294 shares during the last quarter. Grove Bank & Trust acquired a new stake in shares of MP Materials during the 3rd quarter valued at $34,000. SJS Investment Consulting Inc. boosted its stake in shares of MP Materials by 4,600.0% during the 3rd quarter. SJS Investment Consulting Inc. now owns 564 shares of the company’s stock worth $38,000 after acquiring an additional 552 shares in the last quarter. Hilltop National Bank grew its holdings in shares of MP Materials by 500.0% in the 3rd quarter. Hilltop National Bank now owns 600 shares of the company’s stock worth $40,000 after acquiring an additional 500 shares during the last quarter. Finally, Montag A & Associates Inc. grew its holdings in shares of MP Materials by 106.2% in the 3rd quarter. Montag A & Associates Inc. now owns 635 shares of the company’s stock worth $43,000 after acquiring an additional 327 shares during the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MP shares. Wall Street Zen raised MP Materials from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a research note on Thursday, January 22nd. TD Securities upgraded MP Materials to a “strong-buy” rating in a report on Monday, February 9th. DA Davidson reaffirmed a “buy” rating and set a $82.00 price objective on shares of MP Materials in a research note on Wednesday, March 11th. Finally, BMO Capital Markets upgraded shares of MP Materials from a “market perform” rating to an “outperform” rating and decreased their target price for the stock from $76.00 to $75.00 in a report on Monday, November 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $78.91.

Insiders Place Their Bets

In related news, CEO James H. Litinsky sold 272,600 shares of the stock in a transaction dated Thursday, January 8th. The stock was 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 directly owned 12,805,965 shares of the company’s stock, valued at approximately $821,758,774.05. This represents a 2.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.60% of the company’s stock.

MP Materials Price Performance

MP opened at $59.33 on Tuesday. The firm has a market capitalization of $10.51 billion, a P/E ratio of -114.09 and a beta of 1.55. The stock has a fifty day moving average of $61.67 and a 200-day moving average of $63.26. The company has a quick ratio of 6.67, a current ratio of 7.24 and a debt-to-equity ratio of 0.47. MP Materials Corp. has a 12-month low of $18.64 and a 12-month high of $100.25.

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.