1,633,636 Shares in MP Materials Corp. $MP Purchased by Norges Bank

Key Points

• Norges Bank disclosed a new position in MP Materials during the fourth quarter, buying 1,633,636 shares valued at about $82.5 million. The stake represented roughly 0.92% of the company.
• MP Materials reported better-than-expected quarterly results, posting EPS of $0.03 versus an expected loss and revenue of $90.65 million, up 49.1% year over year. Despite the beat, the stock was described as down 9.6% and opened at $59.20.
• Analysts remain generally constructive on the stock, with several firms raising targets and the consensus rating at Buy with an average price target of $80.14. Insider selling has also been notable, including CEO James H. Litinsky’s sale of 259,179 shares and CFO Ryan Corbett’s sale of 46,000 shares.

Norges Bank acquired a new position in shares of MP Materials Corp. (NYSE:MP - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,633,636 shares of the company's stock, valued at approximately $82,531,000. Norges Bank owned approximately 0.92% of MP Materials at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. bought a new stake in MP Materials during the fourth quarter worth about $26,000. Financial Consulate Inc. boosted its stake in MP Materials by 555.3% during the fourth quarter. Financial Consulate Inc. now owns 557 shares of the company's stock worth $28,000 after acquiring an additional 472 shares in the last quarter. Bessemer Group Inc. boosted its stake in MP Materials by 75.9% during the third quarter. Bessemer Group Inc. now owns 642 shares of the company's stock worth $43,000 after acquiring an additional 277 shares in the last quarter. Montag A & Associates Inc. boosted its stake in MP Materials by 106.2% during the third quarter. Montag A & Associates Inc. now owns 635 shares of the company's stock worth $43,000 after acquiring an additional 327 shares in the last quarter. Finally, Bogart Wealth LLC bought a new stake in MP Materials during the fourth quarter worth about $47,000. Institutional investors own 52.55% of the company's stock.

MP Materials Stock Down 9.6%

Shares of MP Materials stock opened at $59.20 on Friday. 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 company has a 50-day simple moving average of $60.78 and a two-hundred day simple moving average of $59.75. MP Materials Corp. has a 52-week low of $23.26 and a 52-week high of $100.25. The stock has a market capitalization of $10.54 billion, a PE ratio of -140.96 and a beta of 1.86.

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

Insider Activity at MP Materials

In other news, CEO James H. Litinsky sold 259,179 shares of the business's stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $64.03, for a total transaction of $16,595,231.37. Following the completion of the transaction, the chief executive officer directly owned 12,505,965 shares of the company's stock, valued at $800,756,938.95. The trade was a 2.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ryan Corbett sold 46,000 shares of the business's stock in a transaction that occurred on Tuesday, March 17th. The shares were 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 of the company's stock, valued at $7,741,020. The trade was a 26.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,251,167 shares of company stock valued at $82,131,654 over the last three months. 8.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently commented on MP. Morgan Stanley boosted their price objective on shares of MP Materials from $62.00 to $70.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. Wall Street Zen raised shares of MP Materials from a "sell" rating to a "hold" rating in a report on Sunday, March 8th. Needham & Company LLC assumed coverage on shares of MP Materials in a report on Monday. They issued a "buy" rating and a $81.00 target price for the company. Canaccord Genuity Group set a $82.00 target price on shares of MP Materials in a report on Friday, May 8th. Finally, William Blair reaffirmed an "outperform" rating on shares of MP Materials in a report on Wednesday, March 4th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, MP Materials has an average rating of "Buy" and a consensus target price of $80.14.

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.

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