Wells Fargo & Company MN Sells 19,060 Shares of MP Materials Corp. (NYSE:MP)

Wells Fargo & Company MN cut its stake in shares of MP Materials Corp. (NYSE:MP - Free Report) by 7.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 237,008 shares of the company's stock after selling 19,060 shares during the quarter. Wells Fargo & Company MN owned 0.15% of MP Materials worth $3,697,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in MP Materials in the 4th quarter worth approximately $6,284,000. Principal Financial Group Inc. increased its stake in MP Materials by 48.7% in the 4th quarter. Principal Financial Group Inc. now owns 899,698 shares of the company's stock worth $14,035,000 after purchasing an additional 294,806 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in MP Materials in the 4th quarter worth approximately $4,550,000. Wealthfront Advisers LLC bought a new stake in shares of MP Materials in the 4th quarter worth approximately $4,484,000. Finally, Monaco Asset Management SAM bought a new stake in shares of MP Materials in the 4th quarter worth approximately $2,340,000. 52.55% of the stock is currently owned by institutional investors.

Insider Transactions at MP Materials

In other news, CFO Ryan Corbett sold 15,000 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $27.00, for a total transaction of $405,000.00. Following the transaction, the chief financial officer now directly owns 214,812 shares of the company's stock, valued at $5,799,924. This represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO James H. Litinsky sold 199,180 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $27.08, for a total value of $5,393,794.40. Following the transaction, the chief executive officer now directly owns 13,643,076 shares in the company, valued at approximately $369,454,498.08. The trade was a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,330,015 shares of company stock valued at $34,559,781. Insiders own 12.60% of the company's stock.

MP Materials Stock Up 1.9 %

MP stock traded up $0.46 during midday trading on Monday, hitting $24.87. The stock had a trading volume of 4,115,829 shares, compared to its average volume of 3,584,677. The firm has a market cap of $4.06 billion, a price-to-earnings ratio of -42.15 and a beta of 2.24. The business has a 50-day moving average of $24.71 and a two-hundred day moving average of $21.53. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $29.72. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13.

MP Materials (NYSE:MP - Get Free Report) last released its earnings results on Thursday, February 20th. The company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.05). MP Materials had a negative return on equity of 8.44% and a negative net margin of 32.09%. The company had revenue of $60.99 million during the quarter, compared to analysts' expectations of $50.71 million. As a group, equities research analysts forecast that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MP. BMO Capital Markets lifted their price objective on MP Materials from $22.00 to $29.00 and gave the stock a "market perform" rating in a research report on Thursday, March 20th. DA Davidson lifted their price objective on MP Materials from $25.00 to $32.00 and gave the stock a "buy" rating in a research report on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.61.

MP Materials Profile

MP Materials Corp., together with its subsidiaries, produces rare earth materials. The company owns and operates the Mountain Pass Rare Earth mine and processing facility in North America. It holds the mineral rights to the Mountain Pass mine and surrounding areas, as well as intellectual property rights related to the processing and development of rare earth minerals.