Geode Capital Management LLC Has $35.14 Million Stake in MP Materials Corp. (NYSE:MP)

Geode Capital Management LLC lessened its stake in shares of MP Materials Corp. (NYSE:MP) by 10.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,990,595 shares of the company’s stock after selling 221,239 shares during the period. Geode Capital Management LLC owned 1.20% of MP Materials worth $35,144,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC increased its holdings 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 valued at $39,000 after acquiring an additional 1,285 shares in the last quarter. Signaturefd LLC grew its position in MP Materials by 817.5% in the 3rd quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock valued at $65,000 after purchasing an additional 3,262 shares during the period. KBC Group NV increased its stake in MP Materials by 35.7% during the 3rd quarter. KBC Group NV now owns 4,733 shares of the company’s stock valued at $84,000 after purchasing an additional 1,246 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in MP Materials during the second quarter worth $72,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of MP Materials during the second quarter valued at about $100,000. 52.55% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MP shares. Morgan Stanley upped their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Robert W. Baird raised their target price on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a 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 report on Friday, October 25th. DA Davidson raised their price objective on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Finally, Canaccord Genuity Group upped their target price on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.10.

MP Materials Price Performance

Shares of NYSE:MP opened at $16.54 on Thursday. The company has a market capitalization of $2.70 billion, a P/E ratio of -30.63 and a beta of 2.24. The company’s 50-day moving average is $18.98 and its 200 day moving average is $15.80. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93. MP Materials Corp. has a fifty-two week low of $10.02 and a fifty-two week high of $24.01.

MP Materials announced that its board has initiated a stock repurchase plan on Tuesday, September 3rd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 13.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO James H. Litinsky sold 300,000 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $18.45, for a total transaction of $5,535,000.00. Following the completion of the transaction, the chief executive officer now owns 18,221,776 shares in the company, valued at approximately $336,191,767.20. This represents a 1.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Ryan Corbett sold 15,195 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $18.30, for a total value of $278,068.50. Following the completion of the sale, the chief financial officer now owns 295,021 shares in the company, valued at $5,398,884.30. This represents a 4.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 884,862 shares of company stock valued at $17,484,482. Company insiders own 12.60% of the company’s stock.

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.