Holocene Advisors LP Has $6.03 Million Stake in MP Materials Corp. (NYSE:MP)

Holocene Advisors LP trimmed its stake in shares of MP Materials Corp. (NYSE:MP) by 5.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 341,740 shares of the company’s stock after selling 21,449 shares during the period. Holocene Advisors LP owned approximately 0.21% of MP Materials worth $6,032,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Baillie Gifford & Co. lifted its holdings in MP Materials by 2.8% in 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 period. Victory Capital Management Inc. lifted its holdings in 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 buying an additional 28,697 shares during the period. Dimensional Fund Advisors LP lifted its holdings 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 valued at $29,993,000 after buying an additional 71,454 shares during the period. Bank of New York Mellon Corp increased its stake in MP Materials by 1.5% in 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 increased its stake in MP Materials by 32.7% in 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 in the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

MP Materials Stock Performance

Shares of MP opened at $21.13 on Thursday. MP Materials Corp. has a 12 month low of $10.02 and a 12 month high of $24.01. The firm has a fifty day simple moving average of $18.68 and a 200 day simple moving average of $15.57. The stock has a market capitalization of $3.45 billion, a price-to-earnings ratio of -39.13 and a beta of 2.24. 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 has initiated a share repurchase program on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to reacquire up to 13.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Morgan Stanley upped their target price on shares of MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. DA Davidson upped their target price on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. BMO Capital Markets increased their price objective on shares of MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research report on Friday, October 25th. Robert W. Baird increased their price objective on shares of MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Finally, Canaccord Genuity Group increased their price objective on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $22.10.

Insider Buying and Selling

In other MP Materials news, CFO Ryan Corbett sold 15,195 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $18.30, for a total value of $278,068.50. Following the completion of the sale, the chief financial officer now owns 295,021 shares in the company, valued at $5,398,884.30. This trade represents a 4.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO James H. Litinsky sold 300,000 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $18.45, for a total transaction of $5,535,000.00. Following the completion of the sale, the chief executive officer now owns 18,221,776 shares of the company’s stock, valued at approximately $336,191,767.20. This represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 884,862 shares of company stock worth $17,484,482. 12.60% of the stock is owned by insiders.

MP Materials Company 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.