Point72 DIFC Ltd Makes New $781,000 Investment in MP Materials Corp. (NYSE:MP)

Point72 DIFC Ltd acquired a new stake in MP Materials Corp. (NYSE:MP) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 61,337 shares of the company’s stock, valued at approximately $781,000.

A number of other hedge funds and other institutional investors have also modified their holdings of MP. State of Michigan Retirement System raised its stake in 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 buying an additional 800 shares during the period. Elkhorn Partners Limited Partnership raised its stake in MP Materials by 15.9% in the 1st quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company’s stock valued at $114,000 after acquiring an additional 1,100 shares during the period. Evergreen Capital Management LLC lifted its holdings in MP Materials by 8.2% during the 2nd quarter. Evergreen Capital Management LLC now owns 16,207 shares of the company’s stock valued at $206,000 after purchasing an additional 1,228 shares during the last quarter. Private Advisor Group LLC boosted its position in MP Materials by 0.4% during the second 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. Finally, TFO Wealth Partners LLC increased 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 purchasing an additional 1,537 shares during the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MP. Robert W. Baird reduced their target price 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. BMO Capital Markets started coverage on MP Materials in a research report on Monday, July 15th. They issued a “market perform” rating and a $16.50 target price on the stock. JPMorgan Chase & Co. dropped 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. Bank of America decreased their price objective on MP Materials from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, June 26th. Finally, Benchmark reiterated a “buy” rating and set a $30.00 price objective on shares of MP Materials in a research report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.11.

MP Materials Stock Up 1.1 %

Shares of NYSE MP opened at $16.17 on Thursday. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $20.85. The stock’s fifty day moving average is $13.11 and its 200 day moving average is $14.50. 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 has a market capitalization of $2.67 billion, a P/E ratio of -107.79 and a beta of 2.22.

MP Materials (NYSE:MP) last issued its 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). The firm 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%. MP Materials’s quarterly revenue was down 51.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.07 earnings per share. Sell-side analysts forecast that MP Materials Corp. will post -0.47 earnings per share for the current fiscal year.

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

Insider Activity

In other MP Materials news, COO Michael Stuart Rosenthal acquired 30,000 shares of MP Materials stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired at an average cost of $10.84 per share, with a total value of $325,200.00. Following the completion of the purchase, the chief operating officer now directly owns 1,402,975 shares of the company’s stock, valued at approximately $15,208,249. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 12.60% of the company’s stock.

About MP Materials

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.