Axxcess Wealth Management LLC Makes New Investment in MP Materials Corp. $MP

Axxcess Wealth Management LLC acquired a new stake in MP Materials Corp. (NYSE:MP) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,404 shares of the company’s stock, valued at approximately $1,033,000.

Other institutional investors have also recently made changes to their positions in the company. Fortis Group Advisors LLC purchased a new position in MP Materials in the third quarter valued at $376,000. Rothschild Investment LLC lifted its position in shares of MP Materials by 4.0% during the 3rd quarter. Rothschild Investment LLC now owns 5,252 shares of the company’s stock worth $352,000 after buying an additional 202 shares during the last quarter. Putney Financial Group LLC grew its position in shares of MP Materials by 148.5% in the 3rd quarter. Putney Financial Group LLC now owns 5,230 shares of the company’s stock valued at $351,000 after buying an additional 3,125 shares during the last quarter. Vanguard Group Inc. lifted its position in MP Materials by 2.7% in the third quarter. Vanguard Group Inc. now owns 14,020,574 shares of the company’s stock valued at $940,360,000 after acquiring an additional 363,975 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC acquired a new position in MP Materials in the third quarter valued at $2,012,000. Institutional investors and hedge funds own 52.55% of the company’s stock.

Insider Buying and Selling at MP Materials

In other news, CFO Ryan Corbett sold 38,146 shares of the firm’s stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $60.00, for a total value of $2,288,760.00. Following the completion of the transaction, the chief financial officer owned 156,666 shares in the company, valued at $9,399,960. This trade represents a 19.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO James H. Litinsky sold 272,600 shares of the stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $64.17, for a total transaction of $17,492,742.00. Following the completion of the sale, the chief executive officer directly owned 12,805,965 shares in the company, valued at approximately $821,758,774.05. The trade was a 2.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 723,146 shares of company stock worth $45,767,276 in the last three months. 9.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on MP. Weiss Ratings reissued a “sell (d-)” rating on shares of MP Materials in a research report on Thursday, January 22nd. JPMorgan Chase & Co. raised shares of MP Materials from a “neutral” rating to an “overweight” rating and reduced their target price for the company from $75.00 to $74.00 in a report on Friday, November 14th. TD Securities raised MP Materials to a “strong-buy” rating in a report on Monday, February 9th. DA Davidson restated a “buy” rating and issued a $82.00 price target on shares of MP Materials in a research report on Wednesday. Finally, Morgan Stanley raised MP Materials from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $68.50 to $71.00 in a research report on Friday, December 5th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $78.91.

MP Materials Trading Down 5.5%

Shares of MP Materials stock opened at $55.31 on Friday. The company has a 50-day moving average of $59.60 and a two-hundred day moving average of $64.69. MP Materials Corp. has a 12-month low of $18.64 and a 12-month high of $100.25. 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 stock has a market cap of $9.80 billion, a PE ratio of -77.91 and a beta of 1.60.

About MP Materials

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.