Creative Financial Designs Inc. ADV Acquires 2,689 Shares of MP Materials Corp. (NYSE:MP)

Creative Financial Designs Inc. ADV grew its stake in MP Materials Corp. (NYSE:MP) by 38.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,666 shares of the company’s stock after purchasing an additional 2,689 shares during the period. Creative Financial Designs Inc. ADV’s holdings in MP Materials were worth $171,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD raised its stake in MP Materials by 2,536.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock worth $23,767,000 after acquiring an additional 1,598,861 shares in the last quarter. Millennium Management LLC lifted its holdings in MP Materials by 425.5% during the 2nd quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock valued at $10,201,000 after purchasing an additional 648,838 shares during the last quarter. Bank of Montreal Can grew its stake in MP Materials by 188.1% during the second quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock worth $11,462,000 after buying an additional 586,906 shares during the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of MP Materials by 151.1% during the second quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock worth $10,382,000 after buying an additional 490,767 shares in the last quarter. Finally, Regal Partners Ltd raised its stake in shares of MP Materials by 275.4% in the second quarter. Regal Partners Ltd now owns 464,016 shares of the company’s stock valued at $5,907,000 after acquiring an additional 340,426 shares during the last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other 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 price of $10.84 per share, with a total value of $325,200.00. Following the purchase, the chief operating officer now directly owns 1,402,975 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available at the SEC website. 12.60% of the stock is currently owned by company insiders.

MP Materials Stock Performance

Shares of MP Materials stock opened at $18.23 on Monday. The firm has a fifty day moving average of $16.04 and a two-hundred day moving average of $15.06. 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 $3.01 billion, a price-to-earnings ratio of -45.57 and a beta of 2.23. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $20.85.

MP Materials (NYSE:MP) last released its earnings results on Thursday, August 1st. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.08). The company 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%. The company’s quarterly revenue was down 51.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.07 EPS. As a group, equities research analysts predict that MP Materials Corp. will post -0.55 EPS for the current year.

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

Analysts Set New Price Targets

A number of equities research analysts recently commented on MP shares. DA Davidson increased their price target on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Robert W. Baird raised their target price on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Morgan Stanley upped 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. BMO Capital Markets raised their price objective on shares of MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research report on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, MP Materials has a consensus rating of “Moderate Buy” and an average price target of $21.40.

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.