Victory Capital Management Inc. Acquires 28,697 Shares of MP Materials Corp. (NYSE:MP)

Victory Capital Management Inc. increased its position in shares of MP Materials Corp. (NYSE:MP - Free Report) by 1.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,359,092 shares of the company's stock after purchasing an additional 28,697 shares during the period. Victory Capital Management Inc. owned about 1.43% of MP Materials worth $41,638,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cutter & CO Brokerage Inc. lifted its holdings in shares of MP Materials by 0.5% during the 3rd quarter. Cutter & CO Brokerage Inc. now owns 190,098 shares of the company's stock worth $3,355,000 after acquiring an additional 910 shares during the period. Elkhorn Partners Limited Partnership boosted its holdings in MP Materials by 15.9% during the first quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company's stock valued at $114,000 after purchasing an additional 1,100 shares in the last quarter. Aurora Investment Counsel grew its stake in shares of MP Materials by 1.7% in the 2nd quarter. Aurora Investment Counsel now owns 66,153 shares of the company's stock valued at $842,000 after purchasing an additional 1,122 shares during the period. Evergreen Capital Management LLC raised its holdings in shares of MP Materials by 8.2% in the 2nd quarter. Evergreen Capital Management LLC now owns 16,207 shares of the company's stock worth $206,000 after buying an additional 1,228 shares in the last quarter. Finally, Private Advisor Group LLC lifted its position in shares of MP Materials by 0.4% during the 2nd quarter. Private Advisor Group LLC now owns 365,973 shares of the company's stock worth $4,659,000 after buying an additional 1,280 shares during the period. 52.55% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. DA Davidson upped their price target on MP Materials from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Tuesday, October 1st. Morgan Stanley upped their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an "equal weight" rating in a report on Thursday, September 19th. Deutsche Bank Aktiengesellschaft cut their price target on shares of MP Materials from $13.50 to $12.50 and set a "hold" rating for the company in a report on Tuesday, August 6th. JPMorgan Chase & Co. upped their price objective on shares of MP Materials from $15.00 to $18.00 and gave the stock a "neutral" rating in a research note on Monday, October 21st. Finally, BMO Capital Markets lifted their target price on shares of MP Materials from $16.00 to $18.50 and gave the company a "market perform" rating in a research note on Friday, October 25th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $21.40.

MP Materials Price Performance

Shares of MP Materials stock traded down $0.29 during midday trading on Friday, reaching $18.28. The company had a trading volume of 2,118,953 shares, compared to its average volume of 3,251,967. The stock has a fifty day simple moving average of $17.25 and a 200 day simple moving average of $15.29. MP Materials Corp. has a 1-year low of $10.02 and a 1-year high of $20.85. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $3.02 billion, a price-to-earnings ratio of -33.85 and a beta of 2.23.

MP Materials announced that its Board of Directors has approved a share buyback program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to repurchase up to 13.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.

About MP Materials

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.