Point72 Asset Management L.P. Has $5.54 Million Stock Holdings in MP Materials Corp. (NYSE:MP)

Point72 Asset Management L.P. decreased its stake in shares of MP Materials Corp. (NYSE:MP) by 24.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 434,950 shares of the company’s stock after selling 140,836 shares during the quarter. Point72 Asset Management L.P.’s holdings in MP Materials were worth $5,537,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in MP. Regal Investment Advisors LLC increased its holdings in MP Materials by 64.6% during the second quarter. Regal Investment Advisors LLC now owns 20,147 shares of the company’s stock worth $256,000 after buying an additional 7,906 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of MP Materials by 58.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 104,477 shares of the company’s stock valued at $1,330,000 after acquiring an additional 38,377 shares during the period. Algert Global LLC acquired a new position in shares of MP Materials during the 2nd quarter worth about $182,000. Millennium Management LLC raised its holdings in shares of MP Materials by 425.5% in the 2nd quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock valued at $10,201,000 after purchasing an additional 648,838 shares during the period. Finally, Dark Forest Capital Management LP lifted its stake in MP Materials by 4.2% in the 2nd quarter. Dark Forest Capital Management LP now owns 370,112 shares of the company’s stock valued at $4,712,000 after purchasing an additional 14,800 shares during the last quarter. Institutional investors own 52.55% of the company’s stock.

Insider Buying and Selling at MP Materials

In related news, COO Michael Stuart Rosenthal purchased 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average price of $10.84 per share, for a total transaction 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.60% of the company’s stock.

MP Materials Price Performance

NYSE:MP opened at $17.54 on Wednesday. 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 firm has a market cap of $2.90 billion, a price-to-earnings ratio of -116.93 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 firm’s 50-day simple moving average is $13.38 and its 200 day simple moving average is $14.59.

MP Materials (NYSE:MP) last released its quarterly earnings results 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). The business had revenue of $31.26 million during the quarter, compared to analyst estimates of $40.03 million. MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.28%. The firm’s quarterly revenue was down 51.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 earnings per share. As a group, sell-side analysts predict that MP Materials Corp. will post -0.47 earnings per share for the current year.

MP Materials declared that its Board of Directors has initiated a share repurchase 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 typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have issued reports on MP shares. BMO Capital Markets upped their price objective on MP Materials from $15.50 to $16.00 and gave the company a “market perform” rating in a research note on Monday. JPMorgan Chase & Co. cut their price target on MP Materials from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Robert W. Baird upped their price objective on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Benchmark restated a “buy” rating and set a $30.00 target price on shares of MP Materials in a research note on Friday, August 2nd. Finally, Canaccord Genuity Group reduced their target price on shares of MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.85.

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.