DDD Partners LLC Cuts Stock Position in MP Materials Corp. $MP

DDD Partners LLC cut its position in shares of MP Materials Corp. (NYSE:MP) by 70.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 4,209 shares of the company’s stock after selling 10,167 shares during the period. DDD Partners LLC’s holdings in MP Materials were worth $282,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MP. Sound Income Strategies LLC boosted its stake in MP Materials by 420.0% in the third quarter. Sound Income Strategies LLC now owns 364 shares of the company’s stock worth $26,000 after buying an additional 294 shares in the last quarter. Grove Bank & Trust bought a new stake in shares of MP Materials in the 3rd quarter worth approximately $34,000. SJS Investment Consulting Inc. lifted its holdings in shares of MP Materials by 4,600.0% in the 3rd quarter. SJS Investment Consulting Inc. now owns 564 shares of the company’s stock worth $38,000 after acquiring an additional 552 shares during the last quarter. Hilltop National Bank boosted its stake in shares of MP Materials by 500.0% in the 3rd quarter. Hilltop National Bank now owns 600 shares of the company’s stock valued at $40,000 after purchasing an additional 500 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of MP Materials by 75.9% during the 3rd quarter. Bessemer Group Inc. now owns 642 shares of the company’s stock valued at $43,000 after purchasing an additional 277 shares during the last quarter. Institutional investors own 52.55% of the company’s stock.

Insider Buying and Selling

In related news, CEO James H. Litinsky sold 385,000 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $62.94, for a total transaction of $24,231,900.00. Following the completion of the transaction, the chief executive officer owned 13,105,965 shares in the company, valued at $824,889,437.10. This represents a 2.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Ryan Corbett sold 38,146 shares of MP Materials stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $60.00, for a total transaction of $2,288,760.00. Following the completion of the sale, the chief financial officer owned 156,666 shares in the company, valued at approximately $9,399,960. This trade represents a 19.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 991,557 shares of company stock valued at $62,785,202 in the last ninety days. 9.50% of the stock is currently owned by corporate insiders.

MP Materials Stock Performance

Shares of NYSE:MP opened at $58.00 on Friday. 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 company has a 50-day moving average price of $59.78 and a 200-day moving average price of $64.86. The company has a market cap of $10.28 billion, a price-to-earnings ratio of -81.69 and a beta of 1.60. MP Materials Corp. has a 12 month low of $18.64 and a 12 month high of $100.25.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. William Blair assumed coverage on shares of MP Materials in a research note on Tuesday, January 13th. They issued an “outperform” rating for the company. The Goldman Sachs Group assumed coverage on MP Materials in a report on Wednesday, November 19th. They issued a “buy” rating and a $77.00 price objective on the stock. Wall Street Zen lowered MP Materials from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. TD Securities upgraded MP Materials to a “strong-buy” rating in a research report on Monday, February 9th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $82.00 price target on shares of MP Materials in a research note on Thursday, November 20th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $78.91.

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.