Point72 Asset Management L.P. Has $2.51 Million Stock Holdings in MP Materials Corp. (NYSE:MP)

Point72 Asset Management L.P. lessened its holdings in MP Materials Corp. (NYSE:MP - Free Report) by 67.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 142,301 shares of the company's stock after selling 292,649 shares during the period. Point72 Asset Management L.P. owned 0.09% of MP Materials worth $2,512,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Captrust Financial Advisors increased its holdings in shares of MP Materials by 5.0% during the third quarter. Captrust Financial Advisors now owns 11,734 shares of the company's stock worth $207,000 after purchasing an additional 557 shares during the period. Cutter & CO Brokerage Inc. increased its stake in shares of 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 during the last quarter. Aurora Investment Counsel lifted its position in shares of MP Materials by 1.7% during the 2nd quarter. Aurora Investment Counsel now owns 66,153 shares of the company's stock worth $842,000 after buying an additional 1,122 shares during the last quarter. Pekin Hardy Strauss Inc. boosted its stake in MP Materials by 0.4% in the third quarter. Pekin Hardy Strauss Inc. now owns 255,495 shares of the company's stock valued at $4,509,000 after buying an additional 1,135 shares in the last quarter. Finally, Evergreen Capital Management LLC grew its position 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 acquiring an additional 1,228 shares during the last quarter. Institutional investors and hedge funds own 52.55% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. DA Davidson increased their target price on shares of MP Materials from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Tuesday, October 1st. Robert W. Baird boosted their target price on shares of MP Materials from $20.00 to $25.00 and gave the stock an "outperform" rating in a research note on Friday, September 27th. JPMorgan Chase & Co. upped their price target on shares of MP Materials from $15.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, October 21st. Canaccord Genuity Group raised their price objective on MP Materials from $23.00 to $26.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. Finally, Morgan Stanley upped their target price on MP Materials from $13.50 to $16.00 and gave the stock an "equal weight" rating in a report on Thursday, September 19th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $22.10.

MP Materials Trading Down 3.8 %

Shares of MP traded down $0.77 during mid-day trading on Tuesday, reaching $19.75. 2,660,656 shares of the company were exchanged, compared to its average volume of 3,248,729. The business has a 50 day simple moving average of $18.92 and a two-hundred day simple moving average of $15.65. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $24.01. The stock has a market capitalization of $3.22 billion, a PE ratio of -38.00 and a beta of 2.24. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93.

MP Materials declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 13.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other MP Materials news, CEO James H. Litinsky sold 234,667 shares of MP Materials stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 17,608,409 shares in the company, valued at approximately $364,141,898.12. The trade was a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Ryan Corbett sold 15,195 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $18.30, for a total value of $278,068.50. Following the transaction, the chief financial officer now owns 295,021 shares in the company, valued at $5,398,884.30. The trade was a 4.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 884,862 shares of company stock worth $17,484,482. 12.60% of the stock is currently owned by insiders.

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.