MP Materials Corp. (NYSE:MP) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lowered its position in MP Materials Corp. (NYSE:MP) by 48.6% in the third quarter, HoldingsChannel reports. The firm owned 2,561 shares of the company’s stock after selling 2,423 shares during the period. Exchange Traded Concepts LLC’s holdings in MP Materials were worth $45,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in MP Materials by 136.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock valued at $39,000 after buying an additional 1,285 shares during the period. Nisa Investment Advisors LLC raised its position in MP Materials by 3,803.8% in the second quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock valued at $52,000 after purchasing an additional 3,956 shares during the period. Point72 Hong Kong Ltd acquired a new position in MP Materials during the second quarter worth $72,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in MP Materials during the second quarter worth $100,000. Finally, Elkhorn Partners Limited Partnership boosted 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 buying an additional 1,100 shares during the period. 52.55% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MP shares. Canaccord Genuity Group cut their price objective on MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. DA Davidson boosted their price target on shares of MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Benchmark reissued a “buy” rating and issued a $30.00 price objective on shares of MP Materials in a research note on Friday, August 2nd. JPMorgan Chase & Co. upped their target price on shares of MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $21.15.

Insiders Place Their Bets

In other MP Materials news, COO Michael Stuart Rosenthal bought 30,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average price of $10.84 per share, with a total value of $325,200.00. Following the transaction, 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 acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 12.60% of the stock is owned by company insiders.

MP Materials Trading Down 2.3 %

NYSE MP opened at $17.88 on Thursday. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $20.85. The firm has a 50 day moving average of $15.06 and a two-hundred day moving average of $14.97. The company has a quick ratio of 6.17, a current ratio of 6.90 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $2.96 billion, a PE ratio of -119.17 and a beta of 2.23.

MP Materials (NYSE:MP) last issued its 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 firm had revenue of $31.26 million for 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 business’s revenue for the quarter was down 51.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 EPS. As a group, research analysts expect that MP Materials Corp. will post -0.48 EPS for the current fiscal year.

MP Materials announced that its board has authorized a stock buyback plan on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to purchase up to 13.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.