MP Materials Corp. (NYSE:MP) Shares Sold by Regal Partners Ltd

Regal Partners Ltd decreased its stake in shares of MP Materials Corp. (NYSE:MP) by 30.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 322,987 shares of the company’s stock after selling 141,029 shares during the period. Regal Partners Ltd owned 0.20% of MP Materials worth $5,701,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Victory Capital Management Inc. boosted its holdings in shares of MP Materials by 1.2% in the 3rd quarter. Victory Capital Management Inc. now owns 2,359,092 shares of the company’s stock valued at $41,638,000 after buying an additional 28,697 shares during the period. Verity Asset Management Inc. raised its holdings in MP Materials by 8.2% during the third quarter. Verity Asset Management Inc. now owns 98,113 shares of the company’s stock worth $1,732,000 after purchasing an additional 7,424 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of MP Materials by 35.7% in the third quarter. Principal Financial Group Inc. now owns 604,892 shares of the company’s stock valued at $10,676,000 after buying an additional 159,200 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of MP Materials by 6.5% during the 3rd quarter. Janney Montgomery Scott LLC now owns 51,601 shares of the company’s stock valued at $911,000 after purchasing an additional 3,149 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV boosted its holdings in MP Materials by 38.5% during the third quarter. Creative Financial Designs Inc. ADV now owns 9,666 shares of the company’s stock worth $171,000 after buying an additional 2,689 shares in the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

MP Materials Price Performance

MP opened at $19.11 on Thursday. The company has a fifty day moving average price of $17.07 and a two-hundred day moving average price of $15.26. The firm has a market capitalization of $3.16 billion, a PE ratio of -35.39 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. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93.

MP Materials announced that its Board of Directors has approved 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 buy up to 13.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

MP has been the topic of several research analyst reports. Robert W. Baird lifted 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. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Morgan Stanley increased their target price on shares of MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. Benchmark reaffirmed a “buy” rating and issued a $30.00 target price on shares of MP Materials in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. raised their target price on MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.40.

MP Materials Company 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.