GAMMA Investing LLC Boosts Stock Position in MP Materials Corp. (NYSE:MP)

GAMMA Investing LLC lifted its stake in shares of MP Materials Corp. (NYSE:MP) by 136.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,230 shares of the company’s stock after acquiring an additional 1,285 shares during the quarter. GAMMA Investing LLC’s holdings in MP Materials were worth $39,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State of Michigan Retirement System lifted its position in shares of MP Materials by 2.3% in the first quarter. State of Michigan Retirement System now owns 35,400 shares of the company’s stock valued at $506,000 after acquiring an additional 800 shares in the last quarter. Elkhorn Partners Limited Partnership raised its stake in 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 purchasing an additional 1,100 shares during the period. Aurora Investment Counsel lifted its holdings in MP Materials by 1.7% in the 2nd quarter. Aurora Investment Counsel now owns 66,153 shares of the company’s stock worth $842,000 after purchasing an additional 1,122 shares in the last quarter. Evergreen Capital Management LLC boosted its stake in MP Materials by 8.2% in the 2nd quarter. Evergreen Capital Management LLC now owns 16,207 shares of the company’s stock worth $206,000 after purchasing an additional 1,228 shares during the period. Finally, Private Advisor Group LLC boosted its stake in MP Materials by 0.4% in the 2nd quarter. Private Advisor Group LLC now owns 365,973 shares of the company’s stock worth $4,659,000 after purchasing an additional 1,280 shares during the period. 52.55% of the stock is owned by hedge funds and other institutional investors.

MP Materials Stock Down 3.7 %

Shares of MP opened at $18.29 on Friday. The company has a quick ratio of 6.17, a current ratio of 6.90 and a debt-to-equity ratio of 0.84. The business has a fifty day moving average of $14.64 and a 200 day moving average of $14.90. The company has a market cap of $3.02 billion, a PE ratio of -121.93 and a beta of 2.23. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $20.85.

MP Materials (NYSE:MP) last released its 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 firm had revenue of $31.26 million during the quarter, compared to the consensus estimate of $40.03 million. MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. MP Materials’s revenue was down 51.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.07 EPS. On average, sell-side analysts expect that MP Materials Corp. will post -0.48 EPS for the current year.

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

Insider Buying and Selling at MP Materials

In other MP Materials news, COO Michael Stuart Rosenthal acquired 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average price of $10.84 per share, for a total transaction of $325,200.00. Following the acquisition, the chief operating officer now directly owns 1,402,975 shares in the company, valued at $15,208,249. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 12.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MP shares. Robert W. Baird boosted their target price on shares of MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Morgan Stanley increased their price objective on shares of MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. Benchmark reaffirmed a “buy” rating and issued a $30.00 target price on shares of MP Materials in a report on Friday, August 2nd. Canaccord Genuity Group decreased their target price on MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a report on Tuesday, August 6th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, MP Materials currently has an average rating of “Moderate Buy” and a consensus price target of $20.85.

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.