Counterpoint Mutual Funds LLC Sells 57,389 Shares of MP Materials Corp. $MP

Key Points

• Counterpoint Mutual Funds LLC slashed its MP Materials stake by 90.9% in the first quarter, selling 57,389 shares and leaving it with 5,724 shares worth about $276,000.
• MP Materials reported stronger-than-expected quarterly results, posting $0.03 EPS versus the expected loss and revenue of $90.65 million, up 49.1% year over year.
• Despite recent insider selling and mixed profitability, Wall Street remains constructive on the stock, with a consensus Buy rating and an average price target of $80.14.

Counterpoint Mutual Funds LLC decreased its position in shares of MP Materials Corp. (NYSE:MP - Free Report) by 90.9% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,724 shares of the company's stock after selling 57,389 shares during the quarter. Counterpoint Mutual Funds LLC's holdings in MP Materials were worth $276,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Hancock Prospecting Pty Ltd raised its holdings in MP Materials by 7.2% during the third quarter. Hancock Prospecting Pty Ltd now owns 14,861,212 shares of the company's stock valued at $996,741,000 after acquiring an additional 1,000,000 shares during the period. Vanguard Group Inc. boosted its stake in shares of MP Materials by 3.3% in the fourth quarter. Vanguard Group Inc. now owns 14,479,787 shares of the company's stock worth $731,519,000 after acquiring an additional 459,213 shares during the period. State Street Corp boosted its stake in shares of MP Materials by 13.2% in the fourth quarter. State Street Corp now owns 6,597,885 shares of the company's stock worth $333,325,000 after acquiring an additional 769,517 shares during the period. BNP Paribas Financial Markets grew its position in shares of MP Materials by 76.3% during the second quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company's stock worth $97,200,000 after purchasing an additional 1,264,243 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in shares of MP Materials by 71.6% during the fourth quarter. Van ECK Associates Corp now owns 2,834,914 shares of the company's stock worth $143,220,000 after purchasing an additional 1,183,307 shares in the last quarter. Institutional investors own 52.55% of the company's stock.

MP Materials Stock Performance

NYSE:MP opened at $53.27 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 7.18 and a quick ratio of 6.58. MP Materials Corp. has a 1 year low of $29.58 and a 1 year high of $100.25. The stock's 50 day simple moving average is $61.32 and its two-hundred day simple moving average is $59.42. The company has a market cap of $9.48 billion, a price-to-earnings ratio of -126.84 and a beta of 1.86.

MP Materials (NYSE:MP - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $90.65 million during the quarter, compared to the consensus estimate of $74.82 million. During the same period in the prior year, the company earned ($0.12) EPS. The company's quarterly revenue was up 49.1% compared to the same quarter last year. As a group, equities analysts anticipate that MP Materials Corp. will post -0.04 earnings per share for the current fiscal year.

Insider Activity at MP Materials

In other news, CFO Ryan Corbett sold 20,000 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 109,017 shares of the company's stock, valued at $8,176,275. This trade represents a 15.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO James H. Litinsky sold 185,167 shares of MP Materials stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $69.14, for a total value of $12,802,446.38. Following the completion of the transaction, the chief executive officer owned 11,620,798 shares of the company's stock, valued at approximately $803,461,973.72. This trade represents a 1.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,205,167 shares of company stock valued at $79,371,654 over the last 90 days. 8.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MP shares. DA Davidson reissued a "buy" rating and set a $82.00 target price on shares of MP Materials in a research note on Friday, June 5th. Wedbush upped their price target on MP Materials from $90.00 to $100.00 and gave the stock an "outperform" rating in a research note on Friday, May 8th. Canaccord Genuity Group set a $82.00 price objective on shares of MP Materials in a report on Friday, May 8th. Wall Street Zen upgraded shares of MP Materials from a "sell" rating to a "hold" rating in a research report on Sunday, March 8th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of MP Materials in a report on Tuesday, May 12th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $80.14.

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.

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