Quadrature Capital Ltd Takes $346,000 Position in MP Materials Corp. (NYSE:MP)

Quadrature Capital Ltd acquired a new position in shares of MP Materials Corp. (NYSE:MP) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 19,612 shares of the company’s stock, valued at approximately $346,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Captrust Financial Advisors lifted its position in shares of MP Materials by 5.0% during the 3rd quarter. Captrust Financial Advisors now owns 11,734 shares of the company’s stock valued at $207,000 after acquiring an additional 557 shares during the period. Cutter & CO Brokerage Inc. increased its stake in MP Materials by 0.5% in the 3rd quarter. Cutter & CO Brokerage Inc. now owns 190,098 shares of the company’s stock valued at $3,355,000 after purchasing an additional 910 shares in the last quarter. Aurora Investment Counsel raised its holdings in MP Materials by 1.7% during the second quarter. Aurora Investment Counsel now owns 66,153 shares of the company’s stock worth $842,000 after purchasing an additional 1,122 shares during the last quarter. Pekin Hardy Strauss Inc. boosted 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 worth $4,509,000 after purchasing an additional 1,135 shares in the last quarter. Finally, Evergreen Capital Management LLC grew its holdings in MP Materials by 8.2% in the second quarter. Evergreen Capital Management LLC now owns 16,207 shares of the company’s stock valued at $206,000 after purchasing an additional 1,228 shares during the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at MP Materials

In related news, CEO James H. Litinsky sold 234,667 shares of MP Materials stock in a transaction 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 transaction, the chief executive officer now owns 17,608,409 shares in the company, valued at approximately $364,141,898.12. This trade represents a 1.32 % decrease in their ownership of the stock. 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 35,000 shares of the company’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $21.50, for a total value of $752,500.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 884,862 shares of company stock worth $17,484,482. 12.60% of the stock is owned by company insiders.

MP Materials Stock Up 4.1 %

MP opened at $20.52 on Tuesday. MP Materials Corp. has a 12 month low of $10.02 and a 12 month high of $24.01. The business has a 50-day moving average of $18.87 and a two-hundred day moving average of $15.62. 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 stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of -38.00 and a beta of 2.24.

MP Materials announced that its board has initiated a stock repurchase program on Tuesday, September 3rd that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the company to reacquire up to 13.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MP shares. JPMorgan Chase & Co. lifted their price target on MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Morgan Stanley upped their price target on shares of MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. Canaccord Genuity Group raised their price objective on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. 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 note on Friday, September 27th. Finally, BMO Capital Markets raised their price target 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. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, MP Materials has a consensus rating of “Moderate Buy” and an average price target 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.