Point72 Asia Singapore Pte. Ltd. Makes New Investment in MP Materials Corp. (NYSE:MP)

Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of MP Materials Corp. (NYSE:MP) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 7,883 shares of the company’s stock, valued at approximately $100,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Sycomore Asset Management increased its stake in shares of MP Materials by 27.8% in the 2nd quarter. Sycomore Asset Management now owns 37,180 shares of the company’s stock valued at $468,000 after purchasing an additional 8,083 shares during the last quarter. Clearbridge Investments LLC increased its stake in shares of MP Materials by 26.3% in the 2nd quarter. Clearbridge Investments LLC now owns 847,240 shares of the company’s stock valued at $10,785,000 after purchasing an additional 176,219 shares during the last quarter. Aurora Investment Counsel increased its stake in shares of MP Materials by 1.7% in the 2nd quarter. Aurora Investment Counsel now owns 66,153 shares of the company’s stock valued at $842,000 after purchasing an additional 1,122 shares during the last quarter. Regal Investment Advisors LLC increased its stake in shares of MP Materials by 64.6% in the 2nd quarter. Regal Investment Advisors LLC now owns 20,147 shares of the company’s stock valued at $256,000 after purchasing an additional 7,906 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake 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 purchasing an additional 38,377 shares during the last quarter. Institutional investors own 52.55% of the company’s stock.

MP Materials Price Performance

MP Materials stock opened at $17.38 on Friday. The stock has a market capitalization of $2.87 billion, a price-to-earnings ratio of -115.83 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. 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 moving average price is $13.51 and its two-hundred day moving average price is $14.63.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.08). The company had revenue of $31.26 million during 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 company’s revenue for the quarter was down 51.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.07 earnings per share. On average, equities analysts predict that MP Materials Corp. will post -0.47 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft reduced their price objective on MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. Robert W. Baird boosted their price objective on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Bank of America reduced their price objective on MP Materials from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. BMO Capital Markets boosted their price objective on MP Materials from $15.50 to $16.00 and gave the stock a “market perform” rating in a research report on Monday, September 30th. Finally, DA Davidson boosted their price objective on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, MP Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.85.

Insiders Place Their Bets

In other MP Materials news, COO Michael Stuart Rosenthal purchased 30,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was acquired at an average price 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 of the company’s stock, valued at $15,208,249. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 12.60% of the company’s stock.

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.