Magnetar Financial LLC Reduces Holdings in MP Materials Corp. (NYSE:MP)

Magnetar Financial LLC trimmed its stake in MP Materials Corp. (NYSE:MP) by 35.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,566 shares of the company’s stock after selling 14,764 shares during the period. Magnetar Financial LLC’s holdings in MP Materials were worth $414,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Chesapeake Capital Corp IL purchased a new stake in shares of MP Materials in the 4th quarter worth about $267,000. IMG Wealth Management Inc. purchased a new stake in shares of MP Materials in the 4th quarter worth about $66,000. Monaco Asset Management SAM purchased a new stake in shares of MP Materials in the 4th quarter worth about $2,340,000. Swiss National Bank lifted its position in shares of MP Materials by 0.7% in the 4th quarter. Swiss National Bank now owns 243,900 shares of the company’s stock worth $3,805,000 after purchasing an additional 1,700 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of MP Materials in the 4th quarter worth about $4,550,000. 52.55% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MP Materials

In other news, CEO James H. Litinsky sold 386,223 shares of MP Materials stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $24.01, for a total value of $9,273,214.23. Following the completion of the sale, the chief executive officer now directly owns 15,643,076 shares in the company, valued at $375,590,254.76. The trade was a 2.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Ryan Corbett sold 15,000 shares of MP Materials stock in a transaction that occurred 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 completion of the sale, the chief financial officer now 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 disclosure for this sale can be found here. Insiders sold 1,112,316 shares of company stock worth $28,665,974 over the last three months. 12.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MP. BMO Capital Markets lifted their price target on shares of MP Materials from $22.00 to $29.00 and gave the company a “market perform” rating in a research report on Thursday. Canaccord Genuity Group lifted their price target on shares of MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Finally, DA Davidson lifted their price target on shares of MP Materials from $25.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.61.

MP Materials Stock Down 1.7 %

Shares of MP Materials stock opened at $25.81 on Friday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93. The stock has a market capitalization of $4.22 billion, a PE ratio of -43.75 and a beta of 2.32. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $27.29. The company has a 50-day simple moving average of $23.36 and a two-hundred day simple moving average of $19.74.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, February 20th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.05). The firm had revenue of $60.99 million during the quarter, compared to analysts’ expectations of $50.71 million. MP Materials had a negative return on equity of 8.44% and a negative net margin of 32.09%. On average, analysts anticipate that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

About MP Materials

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.