Pinpoint Asset Management Singapore Pte. Ltd. Purchases Shares of 15,376 MP Materials Corp. $MP

Key Points

• Pinpoint Asset Management Singapore disclosed a new fourth-quarter position in MP Materials, buying 15,376 shares valued at about $777,000.
• Institutional interest in MP Materials remains broad, with several major funds adding to their stakes; overall, 52.55% of the stock is owned by institutional investors.
• Wall Street sentiment is mostly positive, with analysts giving MP an average Buy rating and a consensus price target of $80.14; the stock recently traded at $57.70.

Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in MP Materials Corp. (NYSE:MP - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 15,376 shares of the company's stock, valued at approximately $777,000.

A number of other hedge funds have also recently bought and sold shares of MP. Norges Bank bought a new stake in MP Materials in the 4th quarter valued at $82,531,000. BNP Paribas Financial Markets boosted its holdings in MP Materials by 76.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,921,542 shares of the company's stock valued at $97,200,000 after purchasing an additional 1,264,243 shares during the period. Hancock Prospecting Pty Ltd boosted its holdings in MP Materials by 7.2% in the 3rd quarter. Hancock Prospecting Pty Ltd now owns 14,861,212 shares of the company's stock valued at $996,741,000 after purchasing an additional 1,000,000 shares during the period. Amundi boosted its holdings in MP Materials by 1,320.8% in the 3rd quarter. Amundi now owns 954,317 shares of the company's stock valued at $70,934,000 after purchasing an additional 887,148 shares during the period. Finally, Millennium Management LLC bought a new stake in MP Materials in the 3rd quarter valued at $35,858,000. 52.55% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Wall Street Zen raised shares of MP Materials from a "sell" rating to a "hold" rating in a report on Sunday, March 8th. Canaccord Genuity Group set a $82.00 price target on shares of MP Materials in a report on Friday, May 8th. DA Davidson reissued a "buy" rating and issued a $82.00 price target on shares of MP Materials in a report on Friday, June 5th. William Blair reissued an "outperform" rating on shares of MP Materials in a report on Wednesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of MP Materials in a report on Tuesday, May 12th. Three equities 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 company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $80.14.

MP Materials Price Performance

NYSE:MP opened at $57.70 on Friday. The company has a 50-day moving average of $61.48 and a 200-day moving average of $59.68. The company has a market capitalization of $10.27 billion, a price-to-earnings ratio of -137.37 and a beta of 1.86. MP Materials Corp. has a 52 week low of $28.35 and a 52 week high of $100.25. 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 released its quarterly earnings data on Thursday, May 7th. The company reported $0.03 EPS for the quarter, topping analysts' consensus estimates of ($0.01) by $0.04. The company had revenue of $90.65 million during the quarter, compared to the consensus estimate of $74.82 million. MP Materials had a negative net margin of 28.00% and a negative return on equity of 2.27%. The firm's revenue for the quarter was up 49.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.12) EPS. As a group, equities research analysts anticipate that MP Materials Corp. will post -0.04 earnings per share for the current fiscal year.

Insider Transactions at MP Materials

In other news, CEO James H. Litinsky sold 259,179 shares of the firm's stock in a transaction dated 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 approximately $800,756,938.95. This trade represents a 2.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 firm's stock in a transaction dated Tuesday, March 17th. The stock was 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 a total of 1,251,167 shares of company stock valued at $82,131,654 over the last ninety days. 8.20% of the stock is owned by insiders.

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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