State of New Jersey Common Pension Fund D Boosts Holdings in MP Materials Corp. $MP

State of New Jersey Common Pension Fund D boosted its position in shares of MP Materials Corp. (NYSE:MP) by 17.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 93,797 shares of the company’s stock after purchasing an additional 14,089 shares during the period. State of New Jersey Common Pension Fund D’s holdings in MP Materials were worth $3,121,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. DDD Partners LLC grew its holdings in shares of MP Materials by 4.1% during the second quarter. DDD Partners LLC now owns 14,376 shares of the company’s stock valued at $478,000 after buying an additional 566 shares during the last quarter. AlphaQuest LLC lifted its position in MP Materials by 70.2% in the 2nd quarter. AlphaQuest LLC now owns 5,682 shares of the company’s stock valued at $189,000 after acquiring an additional 2,343 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in MP Materials by 2,834.0% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,467 shares of the company’s stock valued at $49,000 after purchasing an additional 1,417 shares during the last quarter. 180 Wealth Advisors LLC increased its holdings in shares of MP Materials by 1.8% in the 2nd quarter. 180 Wealth Advisors LLC now owns 29,869 shares of the company’s stock worth $994,000 after purchasing an additional 528 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of MP Materials in the 2nd quarter worth $227,000. 52.55% of the stock is owned by hedge funds and other institutional investors.

MP Materials Trading Down 7.4%

MP Materials stock opened at $65.60 on Tuesday. MP Materials Corp. has a 12-month low of $15.56 and a 12-month high of $100.25. The firm has a market capitalization of $11.62 billion, a price-to-earnings ratio of -104.12 and a beta of 2.32. The firm has a 50 day moving average of $71.64 and a 200 day moving average of $49.55. The company has a current ratio of 3.60, a quick ratio of 3.12 and a debt-to-equity ratio of 0.83.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.03. The business had revenue of $57.39 million during the quarter, compared to analyst estimates of $44.84 million. MP Materials had a negative net margin of 41.87% and a negative return on equity of 9.34%. The company’s revenue was up 83.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.17) earnings per share. As a group, research analysts predict that MP Materials Corp. will post -0.19 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on MP shares. DA Davidson increased their price objective on MP Materials from $32.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, September 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of MP Materials in a report on Wednesday, October 8th. Robert W. Baird boosted their price objective on shares of MP Materials from $52.00 to $69.00 and gave the company an “outperform” rating in a report on Wednesday, July 23rd. BMO Capital Markets initiated coverage on shares of MP Materials in a report on Thursday, October 9th. They issued a “market perform” rating and a $76.00 target price on the stock. Finally, Morgan Stanley set a $69.00 target price on shares of MP Materials in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, MP Materials has a consensus rating of “Moderate Buy” and a consensus price target of $77.80.

Insider Buying and Selling

In other news, COO Michael Stuart Rosenthal sold 150,000 shares of the company’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $72.02, for a total value of $10,803,000.00. Following the completion of the transaction, the chief operating officer owned 1,284,409 shares of the company’s stock, valued at $92,503,136.18. This represents a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 12.60% of the stock is currently owned by corporate insiders.

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.