IFP Advisors Inc Has $3.22 Million Stock Position in MP Materials Corp. $MP

IFP Advisors Inc raised its holdings in shares of MP Materials Corp. (NYSE:MP) by 62.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,913 shares of the company’s stock after acquiring an additional 18,496 shares during the quarter. IFP Advisors Inc’s holdings in MP Materials were worth $3,219,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MP. Swiss Life Asset Management Ltd acquired a new position in MP Materials during the third quarter worth $404,000. Innova Wealth Partners acquired a new stake in MP Materials in the 3rd quarter valued at $220,000. CMC Financial Group bought a new stake in MP Materials during the 3rd quarter worth about $496,000. CIBC Private Wealth Group LLC lifted its position in MP Materials by 10.4% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 3,042 shares of the company’s stock worth $204,000 after buying an additional 286 shares in the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new position in shares of MP Materials during the 3rd quarter worth about $244,000. 52.55% of the stock is currently owned by institutional investors and hedge funds.

MP Materials Price Performance

MP Materials stock opened at $50.63 on Friday. The company has a market capitalization of $8.97 billion, a price-to-earnings ratio of -97.36 and a beta of 1.55. The company has a current ratio of 7.24, a quick ratio of 6.67 and a debt-to-equity ratio of 0.47. MP Materials Corp. has a 12 month low of $18.64 and a 12 month high of $100.25. The stock’s 50 day moving average is $61.17 and its 200-day moving average is $62.92.

MP Materials (NYSE:MP) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.07. The business had revenue of $52.69 million during the quarter, compared to analysts’ expectations of $76.06 million. MP Materials had a negative return on equity of 4.28% and a negative net margin of 38.26%.The firm’s revenue for the quarter was down 13.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.12) EPS. Equities research analysts expect that MP Materials Corp. will post -0.19 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. TD Securities upgraded MP Materials to a “strong-buy” rating in a report on Monday, February 9th. BMO Capital Markets upgraded MP Materials from a “market perform” rating to an “outperform” rating and dropped their target price for the stock from $76.00 to $75.00 in a report on Monday, November 24th. Morgan Stanley raised MP Materials from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $68.50 to $71.00 in a research report on Friday, December 5th. Wall Street Zen raised MP Materials from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of MP Materials in a research note on Thursday, January 22nd. 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 company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $78.91.

Insider Buying and Selling at MP Materials

In related news, CEO James H. Litinsky sold 272,600 shares of the company’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $64.17, for a total value of $17,492,742.00. Following the transaction, the chief executive officer directly owned 12,805,965 shares in the company, valued at approximately $821,758,774.05. This represents a 2.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Ryan Corbett sold 46,000 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $60.00, for a total transaction of $2,760,000.00. Following the transaction, the chief financial officer directly owned 129,017 shares in the company, valued at approximately $7,741,020. This represents a 26.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 346,000 shares of company stock worth $22,006,616 in the last quarter. Company insiders own 9.50% of the company’s stock.

MP Materials Company Profile

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.