Adage Capital Partners GP L.L.C. Makes New $2.33 Million Investment in MP Materials Corp. (NYSE:MP)

Adage Capital Partners GP L.L.C. purchased a new stake in MP Materials Corp. (NYSE:MP - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 149,437 shares of the company's stock, valued at approximately $2,331,000. Adage Capital Partners GP L.L.C. owned about 0.09% of MP Materials as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MP. Price T Rowe Associates Inc. MD raised its stake in MP Materials by 44.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,537,511 shares of the company's stock worth $101,986,000 after acquiring an additional 2,005,505 shares in the last quarter. Stifel Financial Corp increased its position in shares of MP Materials by 7.6% during the fourth quarter. Stifel Financial Corp now owns 202,215 shares of the company's stock worth $3,155,000 after purchasing an additional 14,311 shares in the last quarter. State of Tennessee Department of Treasury lifted its holdings in shares of MP Materials by 4,671.2% in the 4th quarter. State of Tennessee Department of Treasury now owns 29,677 shares of the company's stock valued at $463,000 after purchasing an additional 29,055 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of MP Materials by 8.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,207,017 shares of the company's stock valued at $34,433,000 after purchasing an additional 176,121 shares during the last quarter. Finally, HITE Hedge Asset Management LLC purchased a new position in MP Materials during the 4th quarter worth approximately $6,019,000. Institutional investors and hedge funds own 52.55% of the company's stock.

Insider Activity at MP Materials

In other MP Materials news, CFO Ryan Corbett sold 60,000 shares of the firm's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $25.51, for a total value of $1,530,600.00. Following the completion of the sale, the chief financial officer now owns 230,100 shares of the company's stock, valued at approximately $5,869,851. This trade represents a 20.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James H. Litinsky sold 489,918 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $26.77, for a total transaction of $13,115,104.86. Following the transaction, the chief executive officer now directly owns 15,153,158 shares in the company, valued at approximately $405,650,039.66. This trade represents a 3.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,330,015 shares of company stock worth $34,559,781 over the last three months. 12.60% of the stock is currently owned by corporate insiders.

MP Materials Stock Performance

Shares of MP stock traded up $0.67 during mid-day trading on Friday, hitting $25.01. The stock had a trading volume of 3,270,502 shares, compared to its average volume of 3,613,360. The firm has a market cap of $4.09 billion, a PE ratio of -42.39 and a beta of 2.24. The company's 50-day simple moving average is $24.77 and its 200-day simple moving average is $21.67. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13. MP Materials Corp. has a fifty-two week low of $10.02 and a fifty-two week high of $29.72.

MP Materials (NYSE:MP - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.05). MP Materials had a negative net margin of 32.09% and a negative return on equity of 8.44%. The firm had revenue of $60.99 million during the quarter, compared to analyst estimates of $50.71 million. Sell-side analysts anticipate that MP Materials Corp. will post -0.19 earnings per share for the current year.

Analysts Set New Price Targets

MP has been the topic of a number of research reports. BMO Capital Markets raised their target price on shares of MP Materials from $22.00 to $29.00 and gave the stock a "market perform" rating in a research report on Thursday, March 20th. DA Davidson increased their price target on shares of MP Materials from $25.00 to $32.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Finally, JPMorgan Chase & Co. reduced their target price on shares of MP Materials from $22.00 to $21.00 and set a "neutral" rating for the company in a report on Thursday. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.94.

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.