Udine Wealth Management Inc. Acquires Shares of 38,710 MP Materials Corp. $MP

Udine Wealth Management Inc. acquired a new position in shares of MP Materials Corp. (NYSE:MP) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 38,710 shares of the company’s stock, valued at approximately $2,596,000. MP Materials comprises about 1.2% of Udine Wealth Management Inc.’s holdings, making the stock its 26th biggest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Caxton Associates LLP purchased a new position in MP Materials during the second quarter worth about $132,238,000. Invesco Ltd. increased its position in MP Materials by 14.3% during the 2nd quarter. Invesco Ltd. now owns 3,033,612 shares of the company’s stock worth $100,928,000 after purchasing an additional 378,510 shares during the period. BNP Paribas Financial Markets raised its stake in shares of MP Materials by 76.3% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company’s stock worth $97,200,000 after buying an additional 1,264,243 shares in the last quarter. National Bank of Canada FI raised its stake in shares of MP Materials by 19,314.3% during the 2nd quarter. National Bank of Canada FI now owns 2,013,462 shares of the company’s stock worth $66,987,000 after buying an additional 2,003,091 shares in the last quarter. Finally, Segall Bryant & Hamill LLC lifted its holdings in shares of MP Materials by 2.0% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 1,196,902 shares of the company’s stock valued at $39,821,000 after buying an additional 23,888 shares during the period. Hedge funds and other institutional investors own 52.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MP shares. Daiwa America raised MP Materials to a “strong-buy” rating in a report on Monday, September 22nd. DA Davidson reissued a “buy” rating and issued a $82.00 target price on shares of MP Materials in a report on Thursday, November 20th. Bank of America upped their price target on shares of MP Materials from $78.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. The Goldman Sachs Group started coverage on shares of MP Materials in a report on Wednesday, November 19th. They issued a “buy” rating and a $77.00 price target for the company. Finally, William Blair assumed coverage on shares of MP Materials in a research note on Tuesday. They issued an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $78.91.

MP Materials Stock Up 8.3%

MP Materials stock opened at $69.15 on Thursday. MP Materials Corp. has a fifty-two week low of $18.64 and a fifty-two week high of $100.25. The firm has a market capitalization of $12.25 billion, a price-to-earnings ratio of -97.39 and a beta of 1.62. The stock’s fifty day moving average is $57.94 and its two-hundred day moving average is $62.54. The company has a debt-to-equity ratio of 0.47, a quick ratio of 7.51 and a current ratio of 8.05.

MP Materials (NYSE:MP) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.05. The business had revenue of $53.55 million for the quarter, compared to analyst estimates of $49.72 million. MP Materials had a negative net margin of 50.55% and a negative return on equity of 7.69%. The business’s revenue for the quarter was down 14.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.12) EPS. Analysts predict that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

Insider Activity at MP Materials

In other news, CEO James H. Litinsky sold 272,600 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $64.17, for a total transaction of $17,492,742.00. Following the completion of the transaction, the chief executive officer directly owned 12,805,965 shares of the company’s stock, valued at $821,758,774.05. This trade represents a 2.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Ryan Corbett sold 38,146 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $60.00, for a total value of $2,288,760.00. Following the completion of the sale, the chief financial officer directly owned 156,666 shares in the company, valued at approximately $9,399,960. The trade was a 19.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 991,557 shares of company stock worth $62,785,202 over the last quarter. Company insiders own 9.50% of the company’s stock.

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.