MP Materials Corp. (NYSE:MP) Position Boosted by Dark Forest Capital Management LP

Dark Forest Capital Management LP raised its holdings in shares of MP Materials Corp. (NYSE:MP) by 4.2% during the 2nd quarter, Holdings Channel reports. The fund owned 370,112 shares of the company’s stock after purchasing an additional 14,800 shares during the period. MP Materials makes up approximately 0.9% of Dark Forest Capital Management LP’s portfolio, making the stock its 15th largest holding. Dark Forest Capital Management LP’s holdings in MP Materials were worth $4,712,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the business. TFO Wealth Partners LLC boosted its holdings in shares of MP Materials by 153,700.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,538 shares of the company’s stock valued at $31,000 after acquiring an additional 1,537 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in 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 purchasing an additional 3,956 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in MP Materials in the second quarter worth approximately $72,000. Point72 Asia Singapore Pte. Ltd. bought a new position in MP Materials during the 2nd quarter valued at $100,000. Finally, Elkhorn Partners Limited Partnership boosted 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 in the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

Insider Activity

In other MP Materials news, COO Michael Stuart Rosenthal purchased 30,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average price of $10.84 per share, for a total transaction of $325,200.00. Following the completion of the acquisition, the chief operating officer now owns 1,402,975 shares of the company’s stock, valued at approximately $15,208,249. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 12.60% of the company’s stock.

Wall Street Analyst Weigh In

MP has been the subject of several research analyst reports. BMO Capital Markets assumed coverage on MP Materials in a report on Monday, July 15th. They issued a “market perform” rating and a $16.50 price objective for the company. Robert W. Baird cut their price target on shares of MP Materials from $24.00 to $20.00 and set an “outperform” rating for the company in a report on Monday, July 15th. JPMorgan Chase & Co. lowered their price objective on shares of MP Materials from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Bank of America dropped their target price 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. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of 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 five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.11.

MP Materials Price Performance

MP stock opened at $16.17 on Thursday. MP Materials Corp. has a one year low of $10.02 and a one year high of $20.85. The firm has a 50-day moving average of $13.11 and a two-hundred day moving average of $14.50. The firm has a market capitalization of $2.67 billion, a PE ratio of -107.79 and a beta of 2.22. 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 (NYSE:MP) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.08). MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.28%. The firm had revenue of $31.26 million during the quarter, compared to analysts’ expectations of $40.03 million. During the same quarter last year, the company posted $0.07 EPS. The firm’s revenue was down 51.2% compared to the same quarter last year. On average, analysts forecast that MP Materials Corp. will post -0.47 earnings per share for the current year.

MP Materials declared that its Board of Directors has approved a share buyback plan 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 plans are typically a sign that the company’s board believes its stock is undervalued.

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.