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

Wells Fargo & Company MN trimmed its position in shares of MP Materials Corp. (NYSE:MP - Free Report) by 7.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. SBI Securities Co. Ltd. acquired a new stake in MP Materials during the 4th quarter worth approximately $40,000. Geneos Wealth Management Inc. boosted its holdings in shares of MP Materials by 205.4% in the fourth quarter. Geneos Wealth Management Inc. now owns 2,749 shares of the company's stock valued at $43,000 after buying an additional 1,849 shares during the period. Nisa Investment Advisors LLC increased its position in shares of MP Materials by 204.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,275 shares of the company's stock worth $51,000 after acquiring an additional 2,200 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of MP Materials by 69.3% during the fourth quarter. GAMMA Investing LLC now owns 3,775 shares of the company's stock worth $59,000 after acquiring an additional 1,545 shares during the period. Finally, IMG Wealth Management Inc. bought a new stake in MP Materials in the 4th quarter valued at $66,000. 52.55% of the stock is owned by institutional investors.

MP Materials Stock Performance

MP opened at $22.86 on Wednesday. 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 business's 50-day simple moving average is $24.62 and its 200 day simple moving average is $21.30. The firm has a market capitalization of $3.74 billion, a PE ratio of -38.75 and a beta of 2.24. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $29.72.

MP Materials (NYSE:MP - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The company reported ($0.14) earnings per share (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 for the quarter, compared to the consensus estimate of $50.71 million. As a group, sell-side analysts expect that MP Materials Corp. will post -0.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other MP Materials news, CFO Ryan Corbett sold 60,000 shares of the business's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $25.51, for a total transaction of $1,530,600.00. Following the transaction, the chief financial officer now owns 230,100 shares of the company's stock, valued at $5,869,851. The trade was a 20.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James H. Litinsky sold 386,223 shares of the firm's 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 of the company's stock, valued at approximately $375,590,254.76. The trade was a 2.41 % 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. 12.60% of the stock is currently owned by corporate insiders.

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.

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