Magnetar Financial LLC Trims Stock Position in MP Materials Corp. (NYSE:MP)

Magnetar Financial LLC cut its stake in shares of MP Materials Corp. (NYSE:MP) by 17.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 34,004 shares of the company’s stock after selling 6,988 shares during the quarter. Magnetar Financial LLC’s holdings in MP Materials were worth $433,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. TFO Wealth Partners LLC increased its position in shares of MP Materials by 153,700.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,538 shares of the company’s stock worth $31,000 after acquiring an additional 1,537 shares during the period. Nisa Investment Advisors LLC increased its position in shares of MP Materials by 3,803.8% during the second quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock worth $52,000 after acquiring an additional 3,956 shares during the period. Elkhorn Partners Limited Partnership increased its position in shares of MP Materials by 15.9% during the first 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 period. Headlands Technologies LLC purchased a new position in shares of MP Materials during the second quarter worth approximately $118,000. Finally, Hobbs Group Advisors LLC purchased a new position in MP Materials during the second quarter valued at approximately $124,000. 52.55% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MP Materials

In related news, COO Michael Stuart Rosenthal acquired 30,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was acquired at an average cost of $10.84 per share, for a total transaction of $325,200.00. Following the completion of the purchase, the chief operating officer now owns 1,402,975 shares of the company’s stock, valued at approximately $15,208,249. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 12.60% of the company’s stock.

MP Materials Price Performance

NYSE MP opened at $16.00 on Wednesday. The firm’s fifty day simple moving average is $13.09 and its two-hundred day simple moving average is $14.49. The company has a current ratio of 6.90, a quick ratio of 6.17 and a debt-to-equity ratio of 0.84. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $20.85. The firm has a market capitalization of $2.65 billion, a P/E ratio of -106.67 and a beta of 2.22.

MP Materials (NYSE:MP) last released 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). MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. The firm had revenue of $31.26 million during the quarter, compared to analysts’ expectations of $40.03 million. During the same period in the prior year, the firm posted $0.07 earnings per share. MP Materials’s revenue for the quarter was down 51.2% compared to the same quarter last year. Analysts forecast that MP Materials Corp. will post -0.44 EPS for the current fiscal year.

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

Analyst Ratings Changes

Several equities analysts recently issued reports on MP shares. Bank of America cut their price objective on shares of MP Materials from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Morgan Stanley lifted 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. Canaccord Genuity Group cut their price objective on shares of MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Benchmark reissued a “buy” rating and set a $30.00 price objective on shares of MP Materials in a report on Friday, August 2nd. Finally, BMO Capital Markets started coverage on shares of MP Materials in a report on Monday, July 15th. They set a “market perform” rating and a $16.50 price objective on the stock. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.11.

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.