Quest Partners LLC Lowers Holdings in MP Materials Corp. (NYSE:MP)

Quest Partners LLC lowered its stake in shares of MP Materials Corp. (NYSE:MP) by 83.5% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 4,740 shares of the company’s stock after selling 23,932 shares during the period. Quest Partners LLC’s holdings in MP Materials were worth $60,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. TFO Wealth Partners LLC boosted its holdings in MP Materials by 153,700.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,538 shares of the company’s stock worth $31,000 after buying an additional 1,537 shares in the last quarter. Nisa Investment Advisors LLC grew its position in shares of MP Materials by 3,803.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock valued at $52,000 after acquiring an additional 3,956 shares during the period. Elkhorn Partners Limited Partnership increased its stake in shares of MP Materials by 15.9% in the 1st quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company’s stock valued at $114,000 after purchasing an additional 1,100 shares in the last quarter. Hobbs Group Advisors LLC acquired a new position in MP Materials in the 2nd quarter worth about $124,000. Finally, CWM LLC boosted its position in MP Materials by 425.5% during the second quarter. CWM LLC now owns 9,827 shares of the company’s stock worth $125,000 after purchasing an additional 7,957 shares in the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

Insider Activity at MP Materials

In other news, COO Michael Stuart Rosenthal bought 30,000 shares of MP Materials stock in a transaction on Tuesday, August 6th. The shares were bought at an average cost of $10.84 per share, with a total value of $325,200.00. Following the completion of the purchase, the chief operating officer now directly owns 1,402,975 shares of the company’s stock, valued at $15,208,249. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Robert W. Baird reduced their target price on MP Materials from $24.00 to $20.00 and set an “outperform” rating for the company in a research note on Monday, July 15th. Canaccord Genuity Group reduced their price objective on shares of MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. JPMorgan Chase & Co. dropped their target price on shares of MP Materials from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Bank of America reduced their price target on shares of MP Materials from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. Finally, Benchmark reaffirmed a “buy” rating and issued a $30.00 price target on shares of MP Materials in a research note on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.89.

MP Materials Trading Down 0.6 %

MP opened at $14.12 on Thursday. The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of -94.13 and a beta of 2.22. The company’s 50 day simple moving average is $13.15 and its two-hundred day simple moving average is $14.50. MP Materials Corp. has a 1-year low of $10.02 and a 1-year high of $21.13. 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 (NYSE:MP) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.08). MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. The company had revenue of $31.26 million for the quarter, compared to analyst estimates of $40.03 million. During the same period last year, the firm posted $0.07 EPS. The business’s quarterly revenue was down 51.2% on a year-over-year basis. Analysts expect that MP Materials Corp. will post -0.44 EPS for the current fiscal year.

MP Materials declared that its Board of Directors has authorized a stock buyback program on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to reacquire up to 13.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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.