XTX Topco Ltd Purchases New Stake in MP Materials Corp. (NYSE:MP)

XTX Topco Ltd acquired a new position in shares of MP Materials Corp. (NYSE:MP) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 75,309 shares of the company’s stock, valued at approximately $959,000.

Other large investors have also recently made changes to their positions in the company. TFO Wealth Partners LLC lifted its holdings in shares of MP Materials by 153,700.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,538 shares of the company’s stock valued at $31,000 after purchasing an additional 1,537 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in 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 in the last quarter. Elkhorn Partners Limited Partnership boosted its holdings in MP Materials by 15.9% during the 1st quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company’s stock worth $114,000 after acquiring an additional 1,100 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of MP Materials in the 2nd quarter worth $118,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of MP Materials in the second quarter valued at about $124,000. 52.55% of the stock is owned by institutional investors.

MP Materials Trading Down 2.2 %

Shares of MP Materials stock opened at $13.89 on Friday. The stock has a market capitalization of $2.30 billion, a P/E ratio of -92.60 and a beta of 2.22. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $20.85. The company has a debt-to-equity ratio of 0.84, a quick ratio of 6.17 and a current ratio of 6.90. The stock’s 50-day simple moving average is $13.10 and its 200 day simple moving average is $14.49.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.08). The business had revenue of $31.26 million during the quarter, compared to the consensus estimate of $40.03 million. MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.28%. The business’s revenue for the quarter was down 51.2% on a year-over-year basis. During the same period last year, the firm earned $0.07 EPS. As a group, research analysts anticipate that MP Materials Corp. will post -0.44 EPS for the current year.

MP Materials announced that its board has initiated a stock buyback program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 13.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, COO Michael Stuart Rosenthal acquired 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average cost of $10.84 per share, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 12.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MP. BMO Capital Markets began coverage on shares of MP Materials in a report on Monday, July 15th. They set a “market perform” rating and a $16.50 price target on the stock. JPMorgan Chase & Co. reduced their target price on MP Materials from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft dropped their price target on MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Canaccord Genuity Group reduced their price objective on MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Finally, Benchmark reiterated a “buy” rating and set a $30.00 target price on shares of MP Materials in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.11.

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.