Korea Investment CORP Invests $642,000 in MP Materials Corp. $MP

Korea Investment CORP purchased a new position in shares of MP Materials Corp. (NYSE:MP) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 19,300 shares of the company’s stock, valued at approximately $642,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Highline Wealth Partners LLC purchased a new stake in MP Materials in the 2nd quarter worth approximately $25,000. AdvisorNet Financial Inc increased its stake in shares of MP Materials by 168.7% in the second quarter. AdvisorNet Financial Inc now owns 806 shares of the company’s stock worth $27,000 after acquiring an additional 506 shares during the last quarter. MAI Capital Management raised its holdings in shares of MP Materials by 132.7% during the first quarter. MAI Capital Management now owns 1,403 shares of the company’s stock worth $34,000 after acquiring an additional 800 shares in the last quarter. Spire Wealth Management raised its holdings in shares of MP Materials by 181.3% during the second quarter. Spire Wealth Management now owns 1,010 shares of the company’s stock worth $34,000 after acquiring an additional 651 shares in the last quarter. Finally, Harbour Investments Inc. boosted its position in MP Materials by 32.9% during the second quarter. Harbour Investments Inc. now owns 1,220 shares of the company’s stock valued at $41,000 after purchasing an additional 302 shares during the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

MP Materials Stock Performance

Shares of MP opened at $60.84 on Wednesday. The company has a market capitalization of $10.78 billion, a PE ratio of -85.69 and a beta of 1.69. The company has a debt-to-equity ratio of 0.47, a current ratio of 8.05 and a quick ratio of 7.51. MP Materials Corp. has a one year low of $15.56 and a one year high of $100.25. The company’s fifty day moving average price is $67.16 and its 200 day moving average price is $56.24.

MP Materials (NYSE:MP) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.05. The company had revenue of $53.55 million for the quarter, compared to the consensus estimate of $49.72 million. MP Materials had a negative return on equity of 7.69% and a negative net margin of 50.55%.The firm’s revenue was down 14.9% compared to the same quarter last year. During the same period last year, the business posted ($0.12) earnings per share. As a group, analysts expect that MP Materials Corp. will post -0.19 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO James H. Litinsky sold 248,411 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $63.86, for a total transaction of $15,863,526.46. Following the completion of the transaction, the chief executive officer owned 13,369,665 shares in the company, valued at $853,786,806.90. This trade represents a 1.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ryan Corbett sold 20,000 shares of MP Materials stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $57.72, for a total transaction of $1,154,400.00. Following the transaction, the chief financial officer directly owned 194,812 shares of the company’s stock, valued at $11,244,548.64. This represents a 9.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 12.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MP. Benchmark reaffirmed a “buy” rating on shares of MP Materials in a research report on Friday, August 29th. Canaccord Genuity Group lifted their target price on shares of MP Materials from $64.00 to $77.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Daiwa Capital Markets initiated coverage on shares of MP Materials in a research note on Monday, September 22nd. They set an “outperform” rating and a $80.00 price target on the stock. Morgan Stanley set a $69.00 target price on shares of MP Materials in a research report on Wednesday, October 8th. Finally, BMO Capital Markets raised MP Materials from a “market perform” rating to an “outperform” rating and reduced their price target for the stock from $76.00 to $75.00 in a research report on Monday, November 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, MP Materials has an average rating of “Moderate Buy” and an average price target of $78.73.

MP Materials Profile

MP Materials Corp., together with its subsidiaries, produces rare earth materials. The company owns and operates the Mountain Pass Rare Earth mine and processing facility in North America. It holds the mineral rights to the Mountain Pass mine and surrounding areas, as well as intellectual property rights related to the processing and development of rare earth minerals.