Harbor Investment Advisory LLC Boosts Stake in MP Materials Corp. $MP

Key Points

• Harbor Investment Advisory increased its MP Materials stake by 704.7% during the second quarter, ending with 12,771 shares valued at approximately $715,000. Institutional investors and hedge funds collectively own 52.55% of the company.
• Analysts maintain a broadly positive outlook, with a consensus “Buy” rating and average price target of $78.21, although JPMorgan and Barclays recently lowered their targets.
• MP Materials reported quarterly revenue of $90.65 million, up 49.1% year over year, and EPS of $0.03 versus expectations of a loss. However, insiders sold 905,167 shares worth about $60.2 million during the latest quarter.

Harbor Investment Advisory LLC grew its position in shares of MP Materials Corp. (NYSE:MP - Free Report) by 704.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,771 shares of the company's stock after acquiring an additional 11,184 shares during the quarter. Harbor Investment Advisory LLC's holdings in MP Materials were worth $715,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. EMC Capital Management acquired a new stake in MP Materials in the 4th quarter valued at $25,000. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of MP Materials in the fourth quarter worth about $26,000. REAP Financial Group LLC acquired a new position in shares of MP Materials in the fourth quarter worth about $26,000. Financial Consulate Inc. boosted its holdings in MP Materials by 555.3% in the fourth quarter. Financial Consulate Inc. now owns 557 shares of the company's stock valued at $28,000 after purchasing an additional 472 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in MP Materials in the fourth quarter valued at about $28,000. Institutional investors and hedge funds own 52.55% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. dropped their price objective on MP Materials from $75.00 to $60.00 and set an "overweight" rating on the stock in a report on Wednesday, July 29th. Citigroup reiterated a "positive" rating on shares of MP Materials in a research note on Wednesday, July 15th. DA Davidson reissued a "buy" rating and set a $82.00 price target on shares of MP Materials in a research report on Friday, June 5th. Barclays dropped their price target on shares of MP Materials from $69.00 to $65.00 and set an "overweight" rating for the company in a research note on Thursday, July 16th. Finally, Canaccord Genuity Group set a $82.00 price target on shares of MP Materials in a report on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, MP Materials currently has a consensus rating of "Buy" and an average price target of $78.21.

Insider Transactions at MP Materials

In other news, COO Michael Stuart Rosenthal purchased 17,000 shares of the stock in a transaction dated Wednesday, May 20th. The stock was acquired at an average cost of $56.62 per share, for a total transaction of $962,540.00. Following the acquisition, the chief operating officer owned 1,333,673 shares of the company's stock, valued at $75,512,565.26. The trade was a 1.29% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Ryan Corbett sold 20,000 shares of the business's stock in a transaction that occurred on Friday, May 8th. The shares were 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 owned 109,017 shares of the company's stock, valued at $8,176,275. This trade represents a 15.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 905,167 shares of company stock worth $60,161,837. 8.20% of the stock is currently owned by corporate insiders.

MP Materials Stock Up 1.1%

NYSE:MP opened at $48.00 on Thursday. The company has a market capitalization of $8.55 billion, a price-to-earnings ratio of -114.29 and a beta of 1.88. MP Materials Corp. has a one year low of $37.81 and a one year high of $100.25. The stock has a 50-day simple moving average of $53.42 and a 200 day simple moving average of $57.73. The company has a debt-to-equity ratio of 0.47, a quick ratio of 6.58 and a current ratio of 7.18.

MP Materials (NYSE:MP - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $74.82 million. During the same quarter in the prior year, the firm posted ($0.12) earnings per share. MP Materials's revenue for the quarter was up 49.1% compared to the same quarter last year. Sell-side analysts predict that MP Materials Corp. will post 0.04 EPS for the current fiscal year.

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.

Want to see what other hedge funds are holding MP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MP Materials Corp. (NYSE:MP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source