Riggs Asset Managment Co. Inc. Has $2.75 Million Stock Position in MP Materials Corp. $MP

Key Points

• Riggs Asset Management raised its stake in MP Materials by 23.8% in Q4 and now owns 54,442 shares valued at $2.75 million.
• Corporate insiders have sold a total of 346,000 shares (~$21.97 million) in the last 90 days, including CEO James Litinsky's 259,179‑share sale (~$16.6 million) executed under a Rule 10b5‑1 plan.
• Wall Street sentiment is mostly positive with an overall "Buy" consensus and a $79.08 average price target, while the stock trades around $63 after a quarter that beat EPS expectations but saw revenue decline and negative margins.

Riggs Asset Managment Co. Inc. raised its holdings in shares of MP Materials Corp. (NYSE:MP - Free Report) by 23.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 54,442 shares of the company's stock after purchasing an additional 10,483 shares during the period. Riggs Asset Managment Co. Inc.'s holdings in MP Materials were worth $2,750,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Royal Bank of Canada raised its stake in shares of MP Materials by 26.5% during the first quarter. Royal Bank of Canada now owns 234,185 shares of the company's stock worth $5,716,000 after buying an additional 49,052 shares during the last quarter. AQR Capital Management LLC acquired a new stake in MP Materials during the 1st quarter worth $215,000. Integrated Wealth Concepts LLC acquired a new stake in MP Materials during the 1st quarter worth $219,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position 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 valued at $265,000 after acquiring an additional 479 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of MP Materials by 36.0% during 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 during the last quarter. Institutional investors own 52.55% of the company's stock.

Insider Activity at MP Materials

In related news, CEO James H. Litinsky sold 259,179 shares of the firm's stock in a transaction on 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 sale, the chief executive officer directly owned 12,505,965 shares in the company, valued at $800,756,938.95. This trade represents a 2.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 on 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 sale, the chief financial officer owned 129,017 shares in the company, valued at approximately $7,741,020. The trade was a 26.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 346,000 shares of company stock worth $21,969,816 over the last 90 days. Corporate insiders own 9.50% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MP. DA Davidson restated a "buy" rating and issued a $82.00 price target on shares of MP Materials in a research report on Wednesday, March 11th. TD Securities raised MP Materials to a "strong-buy" rating in a research note on Monday, February 9th. Wedbush started coverage on MP Materials in a report on Monday. They set an "outperform" rating and a $90.00 target price on the stock. William Blair restated an "outperform" rating on shares of MP Materials in a research report on Wednesday, March 4th. Finally, Morgan Stanley lowered their price target on MP Materials from $71.00 to $62.00 and set an "overweight" rating for the company in a research note on Thursday, April 9th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, MP Materials has an average rating of "Buy" and a consensus price target of $79.08.

MP Materials Stock Performance

MP stock opened at $63.27 on Friday. MP Materials Corp. has a 1-year low of $18.64 and a 1-year high of $100.25. The company has a current ratio of 7.24, a quick ratio of 6.67 and a debt-to-equity ratio of 0.47. The firm has a market cap of $11.24 billion, a PE ratio of -121.67 and a beta of 1.67. The business's 50-day moving average price is $57.06 and its two-hundred day moving average price is $60.86.

MP Materials (NYSE:MP - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.09 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.07. MP Materials had a negative return on equity of 4.28% and a negative net margin of 38.26%.The company had revenue of $52.69 million for the quarter, compared to analyst estimates of $76.06 million. During the same quarter last year, the firm posted ($0.12) earnings per share. MP Materials's revenue was down 13.6% compared to the same quarter last year. As a group, research analysts forecast that MP Materials Corp. will post 0.1 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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