PVG Asset Management Corp Invests $1.03 Million in MP Materials Corp. $MP

Key Points

• PVG Asset Management purchased 21,351 shares of MP Materials during the first quarter, valued at approximately $1.03 million. Institutional investors collectively own 52.55% of the company.
• MP Materials reported quarterly revenue of $90.65 million, up 49.1% year over year, and earnings of $0.03 per share, exceeding analysts’ expectations.
• Insider activity was mixed: the COO bought 17,000 shares, while the CFO sold 20,000 shares; insiders sold approximately $60.2 million worth of stock over the past three months. Analysts maintain a consensus “Buy” rating with a $78.21 price target.

PVG Asset Management Corp purchased a new stake in MP Materials Corp. (NYSE:MP - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 21,351 shares of the company's stock, valued at approximately $1,030,000.

A number of other large investors have also recently added to or reduced their stakes in MP. Hancock Prospecting Pty Ltd grew its holdings in MP Materials by 7.2% during the 3rd quarter. Hancock Prospecting Pty Ltd now owns 14,861,212 shares of the company's stock worth $996,741,000 after acquiring an additional 1,000,000 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of MP Materials by 3.3% in the 4th quarter. Vanguard Group Inc. now owns 14,479,787 shares of the company's stock valued at $731,519,000 after purchasing an additional 459,213 shares in the last quarter. State Street Corp lifted its position in shares of MP Materials by 13.2% during the fourth quarter. State Street Corp now owns 6,597,885 shares of the company's stock worth $333,325,000 after purchasing an additional 769,517 shares during the last quarter. BNP Paribas Financial Markets lifted 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 during the last quarter. Finally, Van ECK Associates Corp grew its stake in MP Materials by 71.6% in 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. 52.55% of the stock is currently owned by institutional investors.

Insider Transactions at MP Materials

In other MP Materials news, COO Michael Stuart Rosenthal bought 17,000 shares of the business's stock in a transaction on Wednesday, May 20th. The shares were purchased at an average price of $56.62 per share, with a total value of $962,540.00. Following the purchase, the chief operating officer directly owned 1,333,673 shares of the company's stock, valued at approximately $75,512,565.26. The trade was a 1.29% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Ryan Corbett sold 20,000 shares of MP Materials stock in a transaction 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 sale, 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 position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 905,167 shares of company stock worth $60,161,837. Company insiders own 8.20% of the company's stock.

MP Materials Trading Down 0.0%

Shares of NYSE:MP opened at $41.35 on Monday. The company has a quick ratio of 6.58, a current ratio of 7.18 and a debt-to-equity ratio of 0.47. The company's 50-day moving average price is $54.57 and its 200 day moving average price is $58.15. The company has a market cap of $7.36 billion, a PE ratio of -98.46 and a beta of 1.86. MP Materials Corp. has a fifty-two week low of $37.81 and a fifty-two week high of $100.25.

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, topping 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 quarter in the prior year, the firm earned ($0.12) EPS. MP Materials's quarterly 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.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MP. Citigroup reissued a "positive" rating on shares of MP Materials in a report on Wednesday, July 15th. JPMorgan Chase & Co. reduced their target price on MP Materials from $75.00 to $60.00 and set an "overweight" rating on the stock in a report on Wednesday, July 29th. Wedbush lifted their target price on MP Materials from $90.00 to $100.00 and gave the stock an "outperform" rating in a research report on Friday, May 8th. Morgan Stanley boosted their price target on MP Materials from $70.00 to $71.50 and gave the company an "overweight" rating in a report on Wednesday, July 8th. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, MP Materials presently has a consensus rating of "Buy" and a consensus price target of $78.21.

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.