IMG Wealth Management Inc. Invests $66,000 in MP Materials Corp. (NYSE:MP)

IMG Wealth Management Inc. acquired a new position in shares of MP Materials Corp. (NYSE:MP) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 4,246 shares of the company’s stock, valued at approximately $66,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Monaco Asset Management SAM acquired a new position in shares of MP Materials during the 4th quarter worth about $2,340,000. Swiss National Bank boosted 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 valued at $3,805,000 after purchasing an additional 1,700 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of MP Materials in the 4th quarter valued at about $4,550,000. Avantax Advisory Services Inc. boosted its position in shares of MP Materials by 10.7% in the 4th quarter. Avantax Advisory Services Inc. now owns 23,179 shares of the company’s stock valued at $362,000 after purchasing an additional 2,240 shares during the period. Finally, Wealthfront Advisers LLC acquired a new stake in shares of MP Materials in the 4th quarter valued at about $4,484,000. 52.55% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at MP Materials

In other news, CEO James H. Litinsky sold 386,223 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $24.01, for a total transaction of $9,273,214.23. Following the completion of the transaction, the chief executive officer now directly owns 15,643,076 shares of the company’s stock, valued at approximately $375,590,254.76. This represents a 2.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 12.60% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on MP shares. BMO Capital Markets upped their target price on MP Materials from $19.50 to $22.00 and gave the company a “market perform” rating in a research report on Monday, January 27th. Canaccord Genuity Group upped their target price on MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.45.

MP Materials Stock Performance

Shares of MP stock opened at $26.93 on Monday. The company has a market cap of $4.40 billion, a price-to-earnings ratio of -45.65 and a beta of 2.32. The stock has a 50 day simple moving average of $22.71 and a 200-day simple moving average of $19.31. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $26.95. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88.

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 analysts’ consensus estimates of ($0.09) by ($0.05). The business had revenue of $60.99 million for 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, equities analysts forecast that MP Materials Corp. will post -0.19 EPS for the current year.

MP Materials Company Profile

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.