ARS Investment Partners LLC Sells 247,188 Shares of MP Materials Corp. (NYSE:MP)

ARS Investment Partners LLC trimmed its holdings in shares of MP Materials Corp. (NYSE:MP) by 20.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 961,373 shares of the company’s stock after selling 247,188 shares during the quarter. MP Materials accounts for approximately 1.4% of ARS Investment Partners LLC’s portfolio, making the stock its 26th biggest holding. ARS Investment Partners LLC’s holdings in MP Materials were worth $14,997,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D purchased a new stake in shares of MP Materials in the 2nd quarter worth $1,501,000. American Century Companies Inc. increased its position in MP Materials by 57.3% in the second quarter. American Century Companies Inc. now owns 101,899 shares of the company’s stock worth $1,297,000 after buying an additional 37,139 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of MP Materials by 3.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,355,982 shares of the company’s stock worth $29,993,000 after buying an additional 71,454 shares during the period. Vanguard Personalized Indexing Management LLC bought a new position in shares of MP Materials during the 2nd quarter valued at approximately $135,000. Finally, Benjamin F. Edwards & Company Inc. increased its holdings in MP Materials by 17.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 32,388 shares of the company’s stock worth $412,000 after acquiring an additional 4,821 shares in the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

MP Materials Stock Performance

MP Materials stock opened at $20.96 on Tuesday. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $24.01. The firm’s fifty day moving average is $18.96 and its 200 day moving average is $16.42. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88.

Insider Activity at MP Materials

In other news, CEO James H. Litinsky sold 234,667 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $20.68, for a total value of $4,852,913.56. Following the sale, the chief executive officer now owns 17,608,409 shares of the company’s stock, valued at approximately $364,141,898.12. This represents a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Ryan Corbett sold 15,195 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $18.30, for a total transaction of $278,068.50. Following the transaction, the chief financial officer now owns 295,021 shares in the company, valued at $5,398,884.30. The trade was a 4.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 884,862 shares of company stock valued at $17,484,482. Insiders own 12.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. DA Davidson boosted their price objective on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Robert W. Baird increased their target price on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. BMO Capital Markets upped their price target on MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research note on Friday, October 25th. Finally, Canaccord Genuity Group lifted their price objective on shares of 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 assigned a buy rating to the company. According to MarketBeat, MP Materials currently has an average rating of “Moderate Buy” and a consensus price target of $22.10.

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.