OP Asset Management Ltd Invests $682,000 in MP Materials Corp. $MP

Key Points

• OP Asset Management disclosed a new first-quarter stake in MP Materials, buying 14,137 shares worth about $682,000.
• Institutional interest in MP Materials remains broad, with firms like Royal Bank of Canada and Goldman Sachs increasing positions; institutions now own 52.55% of the company.
• Wall Street sentiment is generally positive: several analysts issued or reiterated Buy or Overweight ratings, and the stock has an average price target of $80.14.

OP Asset Management Ltd acquired a new stake in MP Materials Corp. (NYSE:MP - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 14,137 shares of the company's stock, valued at approximately $682,000.

A number of other institutional investors have also made changes to their positions in MP. Royal Bank of Canada grew its position in MP Materials by 26.5% in the first quarter. Royal Bank of Canada now owns 234,185 shares of the company's stock valued at $5,716,000 after purchasing an additional 49,052 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of MP Materials during the 1st quarter worth about $215,000. Integrated Wealth Concepts LLC acquired a new position in shares of MP Materials during the 1st quarter worth about $219,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of MP Materials by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,793 shares of the company's stock worth $265,000 after buying an additional 479 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of MP Materials by 36.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 193,943 shares of the company's stock valued at $4,734,000 after acquiring an additional 51,348 shares in the last quarter. Institutional investors own 52.55% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Needham & Company LLC began coverage on MP Materials in a research report on Monday, June 1st. They issued a "buy" rating and a $81.00 target price on the stock. Wedbush increased their price target on MP Materials from $90.00 to $100.00 and gave the company an "outperform" rating in a research report on Friday, May 8th. Wall Street Zen upgraded MP Materials from a "sell" rating to a "hold" rating in a research note on Sunday, March 8th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of MP Materials in a research report on Tuesday, May 12th. Finally, Barclays initiated coverage on MP Materials in a research note on Thursday, May 21st. They set an "overweight" rating and a $69.00 price objective on the stock. Three 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 MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $80.14.

Insider Activity

In other MP Materials news, COO Michael Stuart Rosenthal bought 10,000 shares of MP Materials stock in a transaction dated Tuesday, June 9th. The stock was bought at an average cost of $54.30 per share, for a total transaction of $543,000.00. Following the purchase, the chief operating officer owned 136,622 shares of the company's stock, valued at $7,418,574.60. The trade was a 7.90% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Ryan Corbett sold 20,000 shares of the business'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 transaction, the chief financial officer directly owned 109,017 shares in the company, valued at $8,176,275. The trade was 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. Insiders sold a total of 1,205,167 shares of company stock valued at $79,371,654 over the last three months. Insiders own 8.20% of the company's stock.

MP Materials Stock Up 2.5%

MP Materials stock opened at $56.12 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 7.18 and a quick ratio of 6.58. The company's 50-day moving average is $62.13 and its 200-day moving average is $59.48. The firm has a market capitalization of $9.99 billion, a PE ratio of -133.61 and a beta of 1.86. MP Materials Corp. has a fifty-two week low of $29.58 and a fifty-two week high of $100.25.

MP Materials (NYSE:MP - Get Free Report) last issued its earnings results 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 net margin of 28.00% and a negative return on equity of 2.27%. The business had revenue of $90.65 million during the quarter, compared to the consensus estimate of $74.82 million. During the same period last year, the business posted ($0.12) EPS. MP Materials's revenue was up 49.1% on a year-over-year basis. Sell-side analysts anticipate that MP Materials Corp. will post -0.04 earnings per share for the current year.

MP Materials 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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