PVG Asset Management Corp Buys Shares of 21,351 MP Materials Corp. $MP

PVG Asset Management Corp purchased a new position in shares of MP Materials Corp. (NYSE:MP) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 21,351 shares of the company’s stock, valued at approximately $1,030,000.

A number of other institutional investors also recently made changes to their positions in the stock. Parallel Advisors LLC increased its stake in shares of MP Materials by 5.8% during the first quarter. Parallel Advisors LLC now owns 4,697 shares of the company’s stock valued at $227,000 after acquiring an additional 259 shares during the period. NewEdge Advisors LLC raised its holdings in MP Materials by 102.5% during the first quarter. NewEdge Advisors LLC now owns 16,908 shares of the company’s stock worth $816,000 after purchasing an additional 8,557 shares in the last quarter. Alpine Woods Capital Investors LLC lifted its position in MP Materials by 138.7% in the first quarter. Alpine Woods Capital Investors LLC now owns 22,557 shares of the company’s stock worth $1,089,000 after purchasing an additional 13,109 shares during the period. BankChampaign National Association acquired a new stake in MP Materials in the first quarter worth approximately $477,000. Finally, Alexander Labrunerie & CO. Inc. bought a new position in MP Materials during the 1st quarter valued at $1,034,000. 52.55% of the stock is owned by institutional investors and hedge funds.

MP Materials Trading Down 0.0%

Shares of NYSE:MP opened at $41.35 on Monday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 6.58 and a current ratio of 7.18. The stock has a market capitalization of $7.36 billion, a price-to-earnings ratio of -98.46 and a beta of 1.86. MP Materials Corp. has a 1-year low of $37.81 and a 1-year high of $100.25. The company has a 50 day moving average price of $54.57 and a 200 day moving average price of $58.15.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.04. MP Materials had a negative return on equity of 2.27% and a negative net margin of 28.00%.The company had revenue of $90.65 million for the quarter, compared to analysts’ expectations of $74.82 million. During the same quarter in the prior year, the company earned ($0.12) earnings per share. The firm’s revenue was up 49.1% on a year-over-year basis. On average, research analysts anticipate that MP Materials Corp. will post 0.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Ryan Corbett sold 20,000 shares of MP Materials stock in a transaction on Friday, May 8th. The stock was sold at an average price of $75.00, for a total value of $1,500,000.00. Following the transaction, the chief financial officer directly owned 109,017 shares in the company, valued at $8,176,275. The trade was a 15.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Michael Stuart Rosenthal bought 17,000 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were bought at an average cost of $56.62 per share, for a total transaction of $962,540.00. Following the completion of the transaction, the chief operating officer directly owned 1,333,673 shares of the company’s stock, valued at $75,512,565.26. This trade represents a 1.29% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold 905,167 shares of company stock worth $60,161,837 in the last three months. 8.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MP. JPMorgan Chase & Co. lowered their price target on MP Materials from $75.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 29th. DA Davidson restated a “buy” rating and issued a $82.00 price objective on shares of MP Materials in a report on Friday, June 5th. Deutsche Bank Aktiengesellschaft decreased their target price on MP Materials from $70.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Citigroup reaffirmed a “positive” rating on shares of MP Materials in a report on Wednesday, July 15th. Finally, Needham & Company LLC dropped their price target on shares of MP Materials from $81.00 to $73.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, MP Materials has an average rating of “Buy” and an average target price of $78.21.

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.