MP Materials Corp. (NYSE:MP) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. trimmed its holdings in shares of MP Materials Corp. (NYSE:MP) by 60.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 320,543 shares of the company’s stock after selling 495,018 shares during the quarter. Pinnacle Associates Ltd.’s holdings in MP Materials were worth $5,658,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in shares of 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 buying an additional 1,598,861 shares during the period. Millennium Management LLC lifted its position in MP Materials by 425.5% during the 2nd quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock worth $10,201,000 after acquiring an additional 648,838 shares during the period. Bank of Montreal Can grew its stake in MP Materials by 188.1% during the 2nd quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock valued at $11,462,000 after purchasing an additional 586,906 shares during the last quarter. Regal Partners Ltd increased its holdings 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 purchasing an additional 340,426 shares during the period. Finally, Private Advisor Group LLC raised its stake in shares of MP Materials by 162.7% in the first quarter. Private Advisor Group LLC now owns 364,693 shares of the company’s stock worth $5,215,000 after purchasing an additional 225,859 shares during the last quarter. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

MP Materials Trading Down 1.3 %

Shares of MP Materials stock opened at $18.74 on Thursday. MP Materials Corp. has a fifty-two week low of $10.02 and a fifty-two week high of $20.85. 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 company has a market cap of $3.10 billion, a P/E ratio of -46.85 and a beta of 2.23. The firm has a 50-day simple moving average of $15.82 and a two-hundred day simple moving average of $15.05.

MP Materials (NYSE:MP) last issued its quarterly earnings results on Thursday, August 1st. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.08). MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. The business had revenue of $31.26 million for the quarter, compared to analysts’ expectations of $40.03 million. During the same quarter in the prior year, the company posted $0.07 EPS. The business’s revenue for the quarter was down 51.2% compared to the same quarter last year. As a group, equities analysts predict that MP Materials Corp. will post -0.54 earnings per share for the current fiscal year.

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

Insider Transactions at MP Materials

In related news, COO Michael Stuart Rosenthal purchased 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 12.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on MP shares. Robert W. Baird upped their target price on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. DA Davidson upped their price objective on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Morgan Stanley raised their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Canaccord Genuity Group lowered their price target on shares of MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Finally, Benchmark reiterated a “buy” rating and set a $30.00 price objective on shares of MP Materials in a research note on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.