Millennium Management LLC Raises Holdings in MP Materials Corp. (NYSE:MP)

Millennium Management LLC boosted its stake in shares of MP Materials Corp. (NYSE:MP) by 425.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 801,328 shares of the company’s stock after acquiring an additional 648,838 shares during the quarter. Millennium Management LLC owned 0.48% of MP Materials worth $10,201,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of MP. Nisa Investment Advisors LLC increased its stake in shares of MP Materials by 3,803.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock valued at $52,000 after purchasing an additional 3,956 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of MP Materials in the second quarter valued at approximately $72,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of MP Materials during the 2nd quarter worth approximately $100,000. Elkhorn Partners Limited Partnership lifted its position in shares of MP Materials by 15.9% during the 1st quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company’s stock valued at $114,000 after buying an additional 1,100 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in MP Materials in the 2nd quarter valued at $118,000. 52.55% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on MP shares. Bank of America reduced their price objective 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. Deutsche Bank Aktiengesellschaft decreased their price target on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Canaccord Genuity Group cut 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. BMO Capital Markets increased their target price on MP Materials from $15.50 to $16.00 and gave the company a “market perform” rating in a report on Monday, September 30th. Finally, Robert W. Baird lifted their price target on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $20.85.

MP Materials Price Performance

MP stock opened at $17.01 on Wednesday. The company has a market capitalization of $2.81 billion, a PE ratio of -113.40 and a beta of 2.23. The company has a current ratio of 6.90, a quick ratio of 6.17 and a debt-to-equity ratio of 0.84. The business’s fifty day moving average price is $13.67 and its 200 day moving average price is $14.70. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $20.85.

MP Materials (NYSE:MP) last issued 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 for the quarter, compared to analyst estimates of $40.03 million. MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. The firm’s revenue for the quarter was down 51.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.07 EPS. On average, sell-side analysts anticipate that MP Materials Corp. will post -0.47 EPS for the current year.

MP Materials announced that its Board of Directors has approved a share buyback plan 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, COO Michael Stuart Rosenthal acquired 30,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average price of $10.84 per share, with a total value of $325,200.00. Following the completion of the transaction, the chief operating officer now owns 1,402,975 shares of the company’s stock, valued at $15,208,249. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 12.60% of the stock is owned by company insiders.

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.