MP Materials Corp. (NYSE:MP) Shares Sold by Rhumbline Advisers

Rhumbline Advisers reduced its stake in shares of MP Materials Corp. (NYSE:MP) by 3.5% during the 2nd quarter, HoldingsChannel reports. The fund owned 342,013 shares of the company’s stock after selling 12,316 shares during the period. Rhumbline Advisers’ holdings in MP Materials were worth $4,354,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. TFO Wealth Partners LLC grew its holdings in shares of MP Materials by 153,700.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,538 shares of the company’s stock worth $31,000 after purchasing an additional 1,537 shares during the period. Nisa Investment Advisors LLC grew its stake in MP Materials by 3,803.8% during the second quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock worth $52,000 after buying an additional 3,956 shares during the period. Elkhorn Partners Limited Partnership lifted its holdings in shares of MP Materials by 15.9% during the 1st quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company’s stock valued at $114,000 after acquiring an additional 1,100 shares in the last quarter. Hobbs Group Advisors LLC purchased a new stake in MP Materials during the 2nd quarter worth $124,000. Finally, CWM LLC lifted its stake in shares of MP Materials by 425.5% during the second quarter. CWM LLC now owns 9,827 shares of the company’s stock worth $125,000 after purchasing an additional 7,957 shares in the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

Insider Activity

In other MP Materials news, COO Michael Stuart Rosenthal bought 30,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were bought at an average price of $10.84 per share, for a total transaction of $325,200.00. Following the acquisition, the chief operating officer now directly owns 1,402,975 shares of the company’s stock, valued at $15,208,249. 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 corporate insiders.

MP Materials Stock Up 1.5 %

MP stock opened at $14.01 on Tuesday. The firm’s 50-day simple moving average is $13.15 and its 200 day simple moving average is $14.52. The stock has a market cap of $2.32 billion, a PE ratio of -93.40 and a beta of 2.22. The company has a quick ratio of 6.17, a current ratio of 6.90 and a debt-to-equity ratio of 0.84. MP Materials Corp. has a fifty-two week low of $10.02 and a fifty-two week high of $22.25.

MP Materials (NYSE:MP) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $31.26 million for the quarter, compared to analyst estimates of $40.03 million. During the same quarter in the previous year, the firm posted $0.07 EPS. MP Materials’s quarterly revenue was down 51.2% on a year-over-year basis. As a group, sell-side analysts predict that MP Materials Corp. will post -0.44 EPS for the current year.

MP Materials declared 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 reacquire up to 13.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

MP has been the topic of several recent research reports. Morgan Stanley reduced their price target on MP Materials from $15.50 to $14.00 and set an “equal weight” rating on the stock in a research report on Friday, June 21st. BMO Capital Markets began coverage on shares of MP Materials in a research note on Monday, July 15th. They set a “market perform” rating and a $16.50 price target on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Bank of America dropped their target price on MP Materials from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, June 26th. Finally, Canaccord Genuity Group lowered their price objective on MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.89.

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.