Delta Investment Management LLC Has $344,000 Stake in MP Materials Corp. (NYSE:MP)

Delta Investment Management LLC grew its holdings in MP Materials Corp. (NYSE:MP) by 3.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 22,025 shares of the company’s stock after acquiring an additional 767 shares during the period. Delta Investment Management LLC’s holdings in MP Materials were worth $344,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in MP. Price T Rowe Associates Inc. MD lifted its holdings in MP Materials by 44.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,537,511 shares of the company’s stock worth $101,986,000 after purchasing an additional 2,005,505 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in MP Materials during the 4th quarter worth approximately $14,886,000. Raymond James Financial Inc. acquired a new stake in MP Materials during the 4th quarter worth approximately $6,284,000. HITE Hedge Asset Management LLC acquired a new stake in MP Materials during the 4th quarter worth approximately $6,019,000. Finally, Two Sigma Advisers LP bought a new position in MP Materials during the 4th quarter worth $5,524,000. 52.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on MP shares. JPMorgan Chase & Co. lowered their price objective on MP Materials from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Monday, May 12th. BMO Capital Markets raised their price objective on MP Materials from $22.00 to $29.00 and gave the stock a “market perform” rating in a research note on Thursday, March 20th. Finally, DA Davidson raised their price objective on MP Materials from $25.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.61.

Insider Activity

In other news, CEO James H. Litinsky sold 161,175 shares of MP Materials stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $26.94, for a total value of $4,342,054.50. Following the transaction, the chief executive officer now owns 14,352,689 shares in the company, valued at approximately $386,661,441.66. This trade represents a 1.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Ryan Corbett sold 60,000 shares of the business’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $25.51, for a total value of $1,530,600.00. Following the sale, the chief financial officer now owns 230,100 shares in the company, valued at $5,869,851. This represents a 20.68% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 943,792 shares of company stock worth $25,286,567. Insiders own 9.50% of the company’s stock.

MP Materials Trading Down 2.9%

Shares of MP opened at $20.64 on Wednesday. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $29.72. The business’s fifty day moving average is $24.34 and its 200-day moving average is $22.00. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of -34.98 and a beta of 2.24.

MP Materials (NYSE:MP) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). MP Materials had a negative net margin of 32.09% and a negative return on equity of 8.44%. The business had revenue of $60.81 million during the quarter, compared to the consensus estimate of $64.74 million. During the same quarter in the previous year, the business posted ($0.04) EPS. The company’s revenue for the quarter was up 24.9% on a year-over-year basis. Equities analysts anticipate that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

About MP Materials

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.