Point72 Asset Management L.P. Sells 140,836 Shares of MP Materials Corp. (NYSE:MP)

Point72 Asset Management L.P. reduced its stake in MP Materials Corp. (NYSE:MP - Free Report) by 24.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 434,950 shares of the company's stock after selling 140,836 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.26% of MP Materials worth $5,537,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. raised its position in MP Materials by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company's stock valued at $198,216,000 after buying an additional 225,554 shares during the last quarter. Baillie Gifford & Co. raised its position in MP Materials by 2.8% in the 2nd quarter. Baillie Gifford & Co. now owns 2,819,743 shares of the company's stock valued at $35,895,000 after buying an additional 76,288 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in MP Materials by 3.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,355,982 shares of the company's stock valued at $29,993,000 after purchasing an additional 71,454 shares during the period. Bank of New York Mellon Corp grew its stake in MP Materials by 1.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,733,517 shares of the company's stock valued at $22,068,000 after purchasing an additional 26,119 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in MP Materials by 2,536.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company's stock valued at $23,767,000 after purchasing an additional 1,598,861 shares during the period. 52.55% of the stock is owned by hedge funds and other institutional investors.

MP Materials Stock Performance

Shares of MP stock traded down $0.59 on Wednesday, hitting $16.96. 3,455,501 shares of the stock were exchanged, compared to its average volume of 3,399,058. MP Materials Corp. has a one year low of $10.02 and a one year high of $20.85. The firm's 50 day moving average is $13.45 and its two-hundred day moving average is $14.61. The company has a current ratio of 6.90, a quick ratio of 6.17 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $2.80 billion, a PE ratio of -113.03 and a beta of 2.23.

MP Materials (NYSE:MP - Get Free Report) last issued its earnings results on Thursday, August 1st. The company reported ($0.17) 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 during the quarter, compared to the consensus estimate of $40.03 million. During the same quarter in the prior year, the business earned $0.07 EPS. The firm's revenue for the quarter was down 51.2% compared to the same quarter last year. Sell-side analysts expect that MP Materials Corp. will post -0.47 earnings per share for the current fiscal year.

MP Materials declared that its Board of Directors has authorized a share buyback plan on Tuesday, September 3rd that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 13.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other MP Materials news, COO Michael Stuart Rosenthal purchased 30,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were purchased at an average price of $10.84 per share, with a total value of $325,200.00. Following the acquisition, the chief operating officer now directly owns 1,402,975 shares in the company, valued at approximately $15,208,249. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 12.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Bank of America reduced their price objective on MP Materials from $25.00 to $24.00 and set a "buy" rating for the company in a research note on Wednesday, June 26th. Deutsche Bank Aktiengesellschaft reduced their price objective on MP Materials from $13.50 to $12.50 and set a "hold" rating for the company in a research note on Tuesday, August 6th. BMO Capital Markets upped their price objective on MP Materials from $15.50 to $16.00 and gave the company a "market perform" rating in a research note on Monday. Morgan Stanley upped their price objective on MP Materials from $13.50 to $16.00 and gave the company an "equal weight" rating in a research note on Thursday, September 19th. Finally, DA Davidson increased their price target on MP Materials from $20.00 to $23.00 and gave the stock a "buy" rating in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, MP Materials presently has an average rating of "Moderate Buy" and a consensus target price of $20.85.

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.