Millennium Management LLC Has $10.20 Million Stock Position in MP Materials Corp. (NYSE:MP)

Millennium Management LLC lifted its stake in shares of MP Materials Corp. (NYSE:MP - Free Report) by 425.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 801,328 shares of the company's stock after buying an additional 648,838 shares during the quarter. Millennium Management LLC owned 0.48% of MP Materials worth $10,201,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of MP. Vanguard Group Inc. grew its position in shares of MP Materials by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 13,635,712 shares of the company's stock worth $270,669,000 after acquiring an additional 254,881 shares in the last quarter. Commonwealth Equity Services LLC grew its position in shares of MP Materials by 15.6% in the 1st quarter. Commonwealth Equity Services LLC now owns 62,091 shares of the company's stock worth $888,000 after acquiring an additional 8,376 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of 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 worth $23,767,000 after acquiring an additional 1,598,861 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its position in shares of MP Materials by 12.4% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 47,179 shares of the company's stock worth $675,000 after acquiring an additional 5,200 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of MP Materials in the 2nd quarter worth approximately $959,000. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

MP Materials Price Performance

Shares of MP traded up $0.15 during midday trading on Wednesday, reaching $17.15. The stock had a trading volume of 2,568,478 shares, compared to its average volume of 3,382,439. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $20.85. The company has a debt-to-equity ratio of 0.84, a current ratio of 6.90 and a quick ratio of 6.17. The firm's 50 day moving average price is $13.74 and its 200-day moving average price is $14.72. The company has a market capitalization of $2.84 billion, a P/E ratio of -111.80 and a beta of 2.23.

MP Materials (NYSE:MP - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The company reported ($0.17) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.08). The firm had revenue of $31.26 million during the quarter, compared to the consensus estimate of $40.03 million. MP Materials had a negative return on equity of 4.28% and a negative net margin of 21.94%. The firm's quarterly revenue was down 51.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.07 EPS. On average, analysts forecast 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 approved a share repurchase plan on Tuesday, September 3rd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 13.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at MP Materials

In related news, COO Michael Stuart Rosenthal bought 30,000 shares of the business's stock in a transaction dated Tuesday, August 6th. The shares were bought at an average cost of $10.84 per share, with a total value of $325,200.00. Following the completion of the transaction, the chief operating officer now directly owns 1,402,975 shares of the company's stock, valued at approximately $15,208,249. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 12.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MP has been the subject of a number of analyst reports. Morgan Stanley boosted their price objective on MP Materials from $13.50 to $16.00 and gave the company an "equal weight" rating in a research report on Thursday, September 19th. DA Davidson boosted their price objective on MP Materials from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Tuesday, October 1st. 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 report on Tuesday, August 6th. JPMorgan Chase & Co. reduced their price objective on MP Materials from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Tuesday, July 23rd. Finally, Robert W. Baird boosted their price target on MP Materials from $20.00 to $25.00 and gave the stock an "outperform" rating in a research report on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock 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.