Tidal Investments LLC Acquires 23,441 Shares of MP Materials Corp. (NYSE:MP)

Tidal Investments LLC grew its stake in shares of MP Materials Corp. (NYSE:MP) by 47.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,826 shares of the company’s stock after buying an additional 23,441 shares during the period. Tidal Investments LLC’s holdings in MP Materials were worth $1,285,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of MP. Baillie Gifford & Co. boosted its stake in MP Materials by 2.8% during the second 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. Victory Capital Management Inc. grew its holdings in shares of MP Materials by 1.2% in the third quarter. Victory Capital Management Inc. now owns 2,359,092 shares of the company’s stock valued at $41,638,000 after purchasing an additional 28,697 shares in the last quarter. Dimensional Fund Advisors LP increased its position in MP Materials by 3.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,355,982 shares of the company’s stock worth $29,993,000 after purchasing an additional 71,454 shares during the last quarter. Bank of New York Mellon Corp raised its stake in MP Materials by 1.5% during the second 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 in the last quarter. Finally, Segall Bryant & Hamill LLC lifted its position in MP Materials by 32.7% during the third quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock valued at $21,988,000 after purchasing an additional 306,933 shares during the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Ryan Corbett sold 15,195 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $18.30, for a total transaction of $278,068.50. Following the transaction, the chief financial officer now owns 295,021 shares in the company, valued at approximately $5,398,884.30. This trade represents a 4.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO James H. Litinsky sold 234,667 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $20.68, for a total transaction of $4,852,913.56. Following the completion of the sale, the chief executive officer now directly owns 17,608,409 shares of the company’s stock, valued at approximately $364,141,898.12. This trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 884,862 shares of company stock worth $17,484,482 in the last three months. Corporate insiders own 12.60% of the company’s stock.

Wall Street Analyst Weigh In

MP has been the topic of several recent research reports. JPMorgan Chase & Co. upped their target price 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. Morgan Stanley raised 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. Robert W. Baird boosted their target price on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Canaccord Genuity Group raised their price target on MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, BMO Capital Markets boosted their price objective on shares of MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research report on Friday, October 25th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $22.10.

MP Materials Trading Down 8.9 %

NYSE MP opened at $16.73 on Thursday. The stock has a market cap of $2.73 billion, a PE ratio of -30.98 and a beta of 2.24. MP Materials Corp. has a 12 month low of $10.02 and a 12 month high of $24.01. The company’s 50-day moving average price is $19.15 and its 200-day moving average price is $15.77. 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 of Directors has initiated 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 shares through open market purchases. Shares buyback plans are often a sign that the company’s management 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.