Caitong International Asset Management Co. Ltd Has $488,000 Stock Holdings in MP Materials Corp. $MP

Caitong International Asset Management Co. Ltd grew its stake in shares of MP Materials Corp. (NYSE:MP) by 26,018.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 9,664 shares of the company’s stock after acquiring an additional 9,627 shares during the quarter. Caitong International Asset Management Co. Ltd’s holdings in MP Materials were worth $488,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Royal Bank of Canada grew its stake in 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 in the last quarter. AQR Capital Management LLC acquired a new position in shares of MP Materials in the 1st quarter valued at approximately $215,000. Integrated Wealth Concepts LLC acquired a new position in shares of MP Materials in the 1st quarter valued at approximately $219,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings 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 worth $265,000 after acquiring an additional 479 shares during the period. Finally, Goldman Sachs Group Inc. boosted 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 worth $4,734,000 after acquiring an additional 51,348 shares in the last quarter. Institutional investors own 52.55% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on MP. Morgan Stanley boosted their price objective on shares of MP Materials from $62.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Wedbush raised their target price on MP Materials from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, May 8th. William Blair reiterated an “outperform” rating on shares of MP Materials in a research note on Wednesday, March 4th. Canaccord Genuity Group set a $82.00 price target on MP Materials in a report on Friday, May 8th. Finally, Needham & Company LLC initiated coverage on MP Materials in a research report on Monday, June 1st. They set a “buy” rating and a $81.00 price objective for the company. Three research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $80.14.

MP Materials Trading Down 0.1%

Shares of NYSE MP opened at $60.83 on Friday. The firm has a 50 day moving average price of $62.34 and a two-hundred day moving average price of $59.66. The stock has a market cap of $10.83 billion, a P/E ratio of -144.83 and a beta of 1.86. MP Materials Corp. has a 52-week low of $29.58 and a 52-week high of $100.25. The company has a debt-to-equity ratio of 0.47, a quick ratio of 6.58 and a current ratio of 7.18.

MP Materials (NYSE:MP) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.04. MP Materials had a negative net margin of 28.00% and a negative return on equity of 2.27%. The company had revenue of $90.65 million for the quarter, compared to analyst estimates of $74.82 million. During the same quarter in the previous year, the business earned ($0.12) earnings per share. MP Materials’s revenue was up 49.1% compared to the same quarter last year. As a group, equities analysts forecast that MP Materials Corp. will post -0.04 EPS for the current year.

Insider Buying and Selling

In other MP Materials news, CFO Ryan Corbett sold 20,000 shares of MP Materials stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $75.00, for a total transaction of $1,500,000.00. Following the transaction, the chief financial officer directly owned 109,017 shares of the company’s stock, valued at approximately $8,176,275. The trade was a 15.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO James H. Litinsky sold 259,179 shares of the company’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $64.03, for a total value of $16,595,231.37. Following the completion of the sale, the chief executive officer owned 12,505,965 shares in the company, valued at $800,756,938.95. This trade represents a 2.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,205,167 shares of company stock valued at $79,371,654 in the last three months. Insiders own 8.20% of the company’s stock.

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.