Exchange Traded Concepts LLC Reduces Position in MP Materials Corp. (NYSE:MP)

Exchange Traded Concepts LLC trimmed its holdings in MP Materials Corp. (NYSE:MP) by 48.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,561 shares of the company’s stock after selling 2,423 shares during the quarter. Exchange Traded Concepts LLC’s holdings in MP Materials were worth $45,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MP. Price T Rowe Associates Inc. MD grew its stake in MP Materials by 2,536.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock worth $23,767,000 after acquiring an additional 1,598,861 shares in the last quarter. Millennium Management LLC grew its stake in MP Materials by 425.5% in the second quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock worth $10,201,000 after purchasing an additional 648,838 shares in the last quarter. Bank of Montreal Can increased its holdings in MP Materials by 188.1% during the 2nd quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock worth $11,462,000 after purchasing an additional 586,906 shares during the period. Pinnacle Associates Ltd. raised its position in MP Materials by 151.1% during the 2nd quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock valued at $10,382,000 after purchasing an additional 490,767 shares in the last quarter. Finally, Regal Partners Ltd lifted its holdings in shares of MP Materials by 275.4% in the 2nd quarter. Regal Partners Ltd now owns 464,016 shares of the company’s stock worth $5,907,000 after buying an additional 340,426 shares during the period. 52.55% of the stock is owned by institutional investors.

MP Materials Stock Down 2.3 %

Shares of MP stock opened at $17.88 on Thursday. The stock’s fifty day moving average price is $15.06 and its 200 day moving average price is $14.97. The company has a debt-to-equity ratio of 0.84, a current ratio of 6.90 and a quick ratio of 6.17. MP Materials Corp. has a 1-year low of $10.02 and a 1-year high of $20.85. The company has a market cap of $2.96 billion, a price-to-earnings ratio of -119.17 and a beta of 2.23.

MP Materials (NYSE:MP) last issued its earnings results on Thursday, August 1st. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.08). The firm had revenue of $31.26 million during the quarter, compared to analysts’ expectations of $40.03 million. MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. The business’s revenue was down 51.2% on a year-over-year basis. During the same quarter last year, the business earned $0.07 EPS. On average, research analysts expect that MP Materials Corp. will post -0.48 earnings per share for the current fiscal year.

MP Materials declared that its board has approved a stock buyback plan on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to purchase up to 13.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

MP has been the topic of several research reports. JPMorgan Chase & Co. raised their price target on MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday. DA Davidson boosted their price target on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Morgan Stanley increased their price objective on shares of MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. BMO Capital Markets boosted their price objective on shares of MP Materials from $15.50 to $16.00 and gave the stock a “market perform” rating in a research note on Monday, September 30th. Finally, Robert W. Baird increased their target price on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $21.15.

Insider Buying and Selling

In other MP Materials news, COO Michael Stuart Rosenthal bought 30,000 shares of MP Materials stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average price of $10.84 per share, with a total value of $325,200.00. Following the completion of the acquisition, the chief operating officer now directly owns 1,402,975 shares in the company, valued at approximately $15,208,249. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 12.60% of the company’s stock.

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.