Peregrine Capital Management LLC Has $1.09 Million Stock Position in MP Materials Corp. $MP

Peregrine Capital Management LLC reduced its position in shares of MP Materials Corp. (NYSE:MP) by 33.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,311 shares of the company’s stock after selling 8,100 shares during the period. Peregrine Capital Management LLC’s holdings in MP Materials were worth $1,094,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Caxton Associates LLP bought a new stake in MP Materials during the second quarter valued at about $132,238,000. Invesco Ltd. increased its stake in shares of MP Materials by 14.3% in the second quarter. Invesco Ltd. now owns 3,033,612 shares of the company’s stock worth $100,928,000 after purchasing an additional 378,510 shares during the period. BNP Paribas Financial Markets lifted its position in shares of MP Materials by 76.3% during the 2nd 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. National Bank of Canada FI boosted its stake in MP Materials by 19,314.3% during the 2nd quarter. National Bank of Canada FI now owns 2,013,462 shares of the company’s stock valued at $66,987,000 after purchasing an additional 2,003,091 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in MP Materials by 429.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,550,124 shares of the company’s stock valued at $37,839,000 after purchasing an additional 1,257,282 shares during the period. Institutional investors own 52.55% of the company’s stock.

MP Materials Price Performance

Shares of NYSE:MP opened at $61.98 on Friday. The firm has a market capitalization of $10.98 billion, a PE ratio of -87.30 and a beta of 1.62. The company has a current ratio of 8.05, a quick ratio of 7.51 and a debt-to-equity ratio of 0.47. MP Materials Corp. has a 1-year low of $18.64 and a 1-year high of $100.25. The business’s 50 day moving average is $57.33 and its 200-day moving average is $61.89.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, November 6th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.05. The firm had revenue of $53.55 million during the quarter, compared to analysts’ expectations of $49.72 million. MP Materials had a negative return on equity of 7.69% and a negative net margin of 50.55%.MP Materials’s quarterly revenue was down 14.9% compared to the same quarter last year. During the same period last year, the business earned ($0.12) earnings per share. Sell-side analysts predict that MP Materials Corp. will post -0.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on MP. JPMorgan Chase & Co. raised MP Materials from a “neutral” rating to an “overweight” rating and dropped their price target for the stock from $75.00 to $74.00 in a research report on Friday, November 14th. Daiwa America upgraded shares of MP Materials to a “strong-buy” rating in a research note on Monday, September 22nd. Daiwa Capital Markets initiated coverage on shares of MP Materials in a research report on Monday, September 22nd. They set an “outperform” rating and a $80.00 target price on the stock. DA Davidson reiterated a “buy” rating and set a $82.00 target price on shares of MP Materials in a research note on Thursday, November 20th. Finally, Wall Street Zen downgraded shares of MP Materials from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.91.

Insider Transactions at MP Materials

In other news, CEO James H. Litinsky sold 385,000 shares of MP Materials stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $62.94, for a total transaction of $24,231,900.00. Following the sale, the chief executive officer directly owned 13,105,965 shares in the company, valued at approximately $824,889,437.10. The trade was a 2.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ryan Corbett sold 38,146 shares of the company’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $60.00, for a total transaction of $2,288,760.00. Following the completion of the sale, the chief financial officer directly owned 156,666 shares in the company, valued at approximately $9,399,960. The trade was a 19.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 964,157 shares of company stock valued at $61,031,328 over the last ninety days. 9.50% 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.