Point72 Asia Singapore Pte. Ltd. Has $205,000 Stock Holdings in MP Materials Corp. (NYSE:MP)

Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of MP Materials Corp. (NYSE:MP) by 47.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,603 shares of the company’s stock after purchasing an additional 3,720 shares during the period. Point72 Asia Singapore Pte. Ltd.’s holdings in MP Materials were worth $205,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of MP. Captrust Financial Advisors raised its position in MP Materials by 5.0% during the third quarter. Captrust Financial Advisors now owns 11,734 shares of the company’s stock valued at $207,000 after buying an additional 557 shares during the period. Cutter & CO Brokerage Inc. raised its position in MP Materials by 0.5% during the third quarter. Cutter & CO Brokerage Inc. now owns 190,098 shares of the company’s stock valued at $3,355,000 after buying an additional 910 shares during the period. Aurora Investment Counsel raised its position in MP Materials by 1.7% during the second quarter. Aurora Investment Counsel now owns 66,153 shares of the company’s stock valued at $842,000 after buying an additional 1,122 shares during the period. Pekin Hardy Strauss Inc. raised its position in MP Materials by 0.4% during the third quarter. Pekin Hardy Strauss Inc. now owns 255,495 shares of the company’s stock valued at $4,509,000 after buying an additional 1,135 shares during the period. Finally, Evergreen Capital Management LLC raised its position in MP Materials by 8.2% during the second quarter. Evergreen Capital Management LLC now owns 16,207 shares of the company’s stock valued at $206,000 after buying an additional 1,228 shares during the period. 52.55% of the stock is owned by institutional investors and hedge funds.

MP Materials Stock Performance

MP opened at $21.13 on Thursday. The firm has a market capitalization of $3.45 billion, a P/E ratio of -39.13 and a beta of 2.24. The stock’s 50 day moving average price is $18.68 and its two-hundred day moving average price is $15.57. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $24.01.

MP Materials announced that its Board of Directors has approved a share buyback program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to buy up to 13.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at MP Materials

In other MP Materials news, CEO James H. Litinsky sold 234,667 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.68, for a total value of $4,852,913.56. Following the sale, the chief executive officer now owns 17,608,409 shares of the company’s stock, valued at $364,141,898.12. This trade represents a 1.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Ryan Corbett sold 35,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $21.50, for a total value of $752,500.00. Following the completion of the sale, the chief financial officer now owns 260,021 shares of the company’s stock, valued at $5,590,451.50. This represents a 11.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 884,862 shares of company stock valued at $17,484,482 in the last 90 days. 12.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Canaccord Genuity Group upped their target price on MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. BMO Capital Markets upped their target price on MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research report on Friday, October 25th. Robert W. Baird upped their target price on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Morgan Stanley upped their target price on 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, JPMorgan Chase & Co. upped 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 investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.10.

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.