Old West Investment Management LLC Decreases Stake in MP Materials Corp. $MP

Old West Investment Management LLC lessened its holdings in shares of MP Materials Corp. (NYSE:MP) by 48.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 40,070 shares of the company’s stock after selling 37,580 shares during the period. Old West Investment Management LLC’s holdings in MP Materials were worth $1,333,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of MP. Driehaus Capital Management LLC acquired a new position in MP Materials during the first quarter worth about $34,288,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in MP Materials by 429.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,550,124 shares of the company’s stock worth $37,839,000 after purchasing an additional 1,257,282 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of MP Materials by 7.4% during the 1st quarter. Vanguard Group Inc. now owns 13,662,567 shares of the company’s stock worth $333,503,000 after purchasing an additional 942,105 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of MP Materials by 73.7% during the 1st quarter. BNP Paribas Financial Markets now owns 1,657,299 shares of the company’s stock worth $40,455,000 after purchasing an additional 703,042 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of MP Materials by 25.3% in the first quarter. Invesco Ltd. now owns 2,655,102 shares of the company’s stock valued at $64,811,000 after purchasing an additional 536,522 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at MP Materials

In related news, COO Michael Stuart Rosenthal sold 150,000 shares of MP Materials stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $72.02, for a total value of $10,803,000.00. Following the completion of the sale, the chief operating officer owned 1,284,409 shares in the company, valued at approximately $92,503,136.18. This trade represents a 10.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 9.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Canaccord Genuity Group lifted their price objective on MP Materials from $64.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. Morgan Stanley set a $69.00 price target on MP Materials in a report on Wednesday, October 8th. Cowen reissued a “buy” rating on shares of MP Materials in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft upgraded shares of MP Materials from a “hold” rating to a “buy” rating and raised their price objective for the stock from $68.00 to $71.00 in a research report on Monday. Finally, Benchmark reiterated a “buy” rating on shares of MP Materials in a report on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $78.00.

MP Materials Stock Down 3.8%

Shares of NYSE:MP opened at $57.46 on Friday. The company has a market capitalization of $10.18 billion, a price-to-earnings ratio of -80.93 and a beta of 2.26. MP Materials Corp. has a 12-month low of $15.56 and a 12-month high of $100.25. The business has a 50-day moving average price of $69.19 and a 200 day moving average price of $52.54. The company has a current ratio of 8.05, a quick ratio of 7.51 and a debt-to-equity ratio of 0.47.

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

MP Materials Company 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.