Algert Global LLC Takes Position in MP Materials Corp. (NYSE:MP)

Algert Global LLC bought a new stake in MP Materials Corp. (NYSE:MP) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 14,333 shares of the company’s stock, valued at approximately $182,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Millennium Management LLC grew its stake in 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 buying an additional 648,838 shares during the last quarter. Dark Forest Capital Management LP grew its position in shares of MP Materials by 4.2% during the 2nd quarter. Dark Forest Capital Management LP now owns 370,112 shares of the company’s stock worth $4,712,000 after purchasing an additional 14,800 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of MP Materials during the 2nd quarter worth approximately $100,000. Point72 Hong Kong Ltd acquired a new position in shares of MP Materials during the 2nd quarter worth approximately $72,000. Finally, Point72 DIFC Ltd acquired a new position in shares of MP Materials during the 2nd quarter worth approximately $781,000. 52.55% of the stock is owned by institutional investors.

Insider Activity

In other MP Materials news, COO Michael Stuart Rosenthal purchased 30,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was purchased at an average price of $10.84 per share, with a total value 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 trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 12.60% of the company’s stock.

MP Materials Price Performance

Shares of NYSE:MP opened at $17.37 on Friday. The company has a market cap of $2.87 billion, a price-to-earnings ratio of -115.80 and a beta of 2.23. The company has a debt-to-equity ratio of 0.84, a current ratio of 6.90 and a quick ratio of 6.17. The firm has a 50 day simple moving average of $13.91 and a 200 day simple moving average of $14.76. MP Materials Corp. has a one year low of $10.02 and a one year high of $20.85.

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). The business had revenue of $31.26 million for the quarter, compared to the consensus estimate 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 revenue was down 51.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.07 EPS. Research analysts predict 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 stock buyback program on Tuesday, September 3rd that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to repurchase up to 13.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. DA Davidson increased their target price on shares of MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Benchmark restated a “buy” rating and set a $30.00 target price on shares of MP Materials in a research report on Friday, August 2nd. JPMorgan Chase & Co. reduced their price target on shares of MP Materials from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Morgan Stanley increased their price target on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. Finally, Robert W. Baird increased their price target on shares of MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.85.

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.