Baillie Gifford & Co. Sells 61,162 Shares of MP Materials Corp. (NYSE:MP)

Baillie Gifford & Co. lowered its stake in MP Materials Corp. (NYSE:MP - Free Report) by 2.2% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,758,581 shares of the company's stock after selling 61,162 shares during the period. Baillie Gifford & Co. owned 1.67% of MP Materials worth $48,689,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in shares of MP Materials by 136.0% during the third quarter. GAMMA Investing LLC now owns 2,230 shares of the company's stock valued at $39,000 after buying an additional 1,285 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in MP Materials by 3,803.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company's stock valued at $52,000 after purchasing an additional 3,956 shares during the last quarter. Signaturefd LLC increased its holdings in shares of MP Materials by 817.5% in the 3rd quarter. Signaturefd LLC now owns 3,661 shares of the company's stock worth $65,000 after purchasing an additional 3,262 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of MP Materials in the second quarter worth $72,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of MP Materials during the second quarter valued at $100,000. Hedge funds and other institutional investors own 52.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MP. Benchmark reiterated a "buy" rating and issued a $30.00 price objective on shares of MP Materials in a report on Friday, August 2nd. BMO Capital Markets lifted their price target on shares of MP Materials from $16.00 to $18.50 and gave the stock a "market perform" rating in a research note on Friday, October 25th. JPMorgan Chase & Co. increased their price objective on shares of MP Materials from $15.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, October 21st. 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 report on Friday, September 27th. Finally, Canaccord Genuity Group lowered their price target on MP Materials from $20.00 to $19.00 and set a "buy" rating on the stock in a report on Tuesday, August 27th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $21.40.

MP Materials Price Performance

Shares of NYSE:MP traded down $0.74 during midday trading on Wednesday, hitting $19.11. The company had a trading volume of 3,517,562 shares, compared to its average volume of 3,259,719. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $20.85. The company has a fifty day moving average of $16.97 and a two-hundred day moving average of $15.23. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88.

MP Materials announced that its board has initiated a stock buyback program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to purchase up to 13.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.

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.