Axxcess Wealth Management LLC Invests $1.03 Million in MP Materials Corp. $MP

Axxcess Wealth Management LLC acquired a new stake in shares of MP Materials Corp. (NYSE:MP) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 15,404 shares of the company’s stock, valued at approximately $1,033,000.

A number of other hedge funds have also recently bought and sold shares of the company. Sound Income Strategies LLC raised its holdings in MP Materials by 420.0% in the 3rd quarter. Sound Income Strategies LLC now owns 364 shares of the company’s stock valued at $26,000 after acquiring an additional 294 shares during the last quarter. Grove Bank & Trust purchased a new stake in shares of MP Materials in the third quarter valued at $34,000. SJS Investment Consulting Inc. increased its stake in MP Materials by 4,600.0% in the third quarter. SJS Investment Consulting Inc. now owns 564 shares of the company’s stock valued at $38,000 after purchasing an additional 552 shares during the last quarter. Hilltop National Bank lifted its position in MP Materials by 500.0% during the third quarter. Hilltop National Bank now owns 600 shares of the company’s stock worth $40,000 after buying an additional 500 shares during the period. Finally, Bessemer Group Inc. boosted its stake in MP Materials by 75.9% in the 3rd quarter. Bessemer Group Inc. now owns 642 shares of the company’s stock worth $43,000 after buying an additional 277 shares during the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MP shares. The Goldman Sachs Group initiated coverage on shares of MP Materials in a research note on Wednesday, November 19th. They set a “buy” rating and a $77.00 price objective for the company. DA Davidson reaffirmed a “buy” rating and set a $82.00 price target on shares of MP Materials in a research report on Wednesday. William Blair initiated coverage on shares of MP Materials in a research note on Tuesday, January 13th. They set an “outperform” rating on the stock. Wall Street Zen lowered shares of MP Materials from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Finally, Morgan Stanley upgraded MP Materials from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $68.50 to $71.00 in a report on Friday, December 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $78.91.

Insiders Place Their Bets

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 value of $24,231,900.00. Following the completion of the transaction, the chief executive officer directly owned 13,105,965 shares of the company’s stock, valued at approximately $824,889,437.10. The trade was a 2.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Ryan Corbett sold 38,146 shares of the stock in a transaction dated Tuesday, December 9th. The stock was sold at an average price of $60.00, for a total transaction of $2,288,760.00. Following the sale, the chief financial officer owned 156,666 shares in the company, valued at approximately $9,399,960. This trade represents a 19.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 723,146 shares of company stock valued at $45,767,276. 9.50% of the stock is currently owned by corporate insiders.

MP Materials Stock Down 5.5%

Shares of NYSE MP opened at $55.31 on Friday. The company has a market cap of $9.80 billion, a P/E ratio of -77.91 and a beta of 1.60. MP Materials Corp. has a 12-month low of $18.64 and a 12-month high of $100.25. The company has a current ratio of 8.05, a quick ratio of 7.51 and a debt-to-equity ratio of 0.47. The stock has a fifty day moving average price of $59.60 and a 200 day moving average price of $64.69.

About MP Materials

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.