MP Materials Corp. (NYSE:MP) Stake Reduced by Private Advisor Group LLC

Private Advisor Group LLC trimmed its stake in MP Materials Corp. (NYSE:MP) by 61.5% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 140,853 shares of the company’s stock after selling 225,120 shares during the quarter. Private Advisor Group LLC owned approximately 0.09% of MP Materials worth $2,486,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MP. GAMMA Investing LLC boosted its position in shares of MP Materials by 136.0% during the third quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock worth $39,000 after buying an additional 1,285 shares during the period. Signaturefd LLC boosted its position in MP Materials by 817.5% during the 3rd quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock worth $65,000 after acquiring an additional 3,262 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of MP Materials by 3,803.8% in the second quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock worth $52,000 after purchasing an additional 3,956 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of MP Materials during the second quarter valued at $72,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of MP Materials during the second quarter valued at about $100,000. Institutional investors and hedge funds own 52.55% of the company’s stock.

MP Materials Trading Up 1.3 %

Shares of MP opened at $18.89 on Tuesday. The company has a current ratio of 6.90, a quick ratio of 6.17 and a debt-to-equity ratio of 0.84. MP Materials Corp. has a 1-year low of $10.02 and a 1-year high of $20.85. The stock has a market capitalization of $3.12 billion, a P/E ratio of -47.22 and a beta of 2.23. The business’s 50-day moving average price is $15.58 and its 200 day moving average price is $15.01.

MP Materials (NYSE:MP) last released its quarterly 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). MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.28%. The firm had revenue of $31.26 million for the quarter, compared to analyst estimates of $40.03 million. During the same quarter in the prior year, the firm earned $0.07 EPS. The firm’s revenue was down 51.2% compared to the same quarter last year. Analysts expect that MP Materials Corp. will post -0.54 earnings per share for the current year.

MP Materials announced that its board has initiated a share repurchase program on Tuesday, September 3rd that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to buy up to 13.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at MP Materials

In other MP Materials news, COO Michael Stuart Rosenthal acquired 30,000 shares of MP Materials stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average cost of $10.84 per share, with a total value of $325,200.00. Following the purchase, the chief operating officer now owns 1,402,975 shares in the company, valued at approximately $15,208,249. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 12.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

MP has been the topic of several research analyst reports. Robert W. Baird raised their target price on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. JPMorgan Chase & Co. boosted their target price on MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Morgan Stanley upped their target price on MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. Benchmark reissued a “buy” rating and issued a $30.00 price objective on shares of MP Materials in a research note on Friday, August 2nd. Finally, DA Davidson upped their price objective on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.40.

MP Materials 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.