Y Intercept Hong Kong Ltd Acquires New Shares in MP Materials Corp. (NYSE:MP)

Y Intercept Hong Kong Ltd bought a new position in MP Materials Corp. (NYSE:MP) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 130,327 shares of the company’s stock, valued at approximately $2,300,000. Y Intercept Hong Kong Ltd owned approximately 0.08% of MP Materials as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in shares of MP Materials by 136.0% in the third quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock worth $39,000 after purchasing an additional 1,285 shares during the last quarter. Signaturefd LLC grew its position in shares of MP Materials by 817.5% in the 3rd quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock valued at $65,000 after buying an additional 3,262 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of 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 buying an additional 3,956 shares during the period. KBC Group NV raised its position in shares of MP Materials by 35.7% during the third quarter. KBC Group NV now owns 4,733 shares of the company’s stock worth $84,000 after acquiring an additional 1,246 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in shares of MP Materials in the second quarter worth approximately $72,000. 52.55% of the stock is currently owned by institutional investors.

Insider Buying and Selling at MP Materials

In related news, CEO James H. Litinsky sold 234,667 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $20.68, for a total value of $4,852,913.56. Following the transaction, the chief executive officer now owns 17,608,409 shares of the company’s stock, valued at approximately $364,141,898.12. This trade represents a 1.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ryan Corbett sold 15,195 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $18.30, for a total value of $278,068.50. Following the sale, the chief financial officer now directly owns 295,021 shares of the company’s stock, valued at $5,398,884.30. This represents a 4.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 884,862 shares of company stock valued at $17,484,482. Company insiders own 12.60% of the company’s stock.

Analysts Set New Price Targets

MP has been the subject of several analyst reports. DA Davidson raised their price target on shares of MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Robert W. Baird lifted their target price on shares of MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. BMO Capital Markets upped their price target 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. JPMorgan Chase & Co. lifted their price objective on MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Finally, Canaccord Genuity Group upped their target price on MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. 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 MarketBeat, MP Materials has a consensus rating of “Moderate Buy” and an average target price of $22.10.

MP Materials Stock Performance

Shares of MP Materials stock opened at $20.52 on Tuesday. The business has a 50-day simple moving average of $18.87 and a 200 day simple moving average of $15.62. MP Materials Corp. has a one year low of $10.02 and a one year high of $24.01. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of -38.00 and a beta of 2.24.

MP Materials declared that its Board of Directors has initiated a stock buyback plan on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 13.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership 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.