Tidal Investments LLC Grows Stock Holdings in MP Materials Corp. (NYSE:MP)

Tidal Investments LLC lifted its position in MP Materials Corp. (NYSE:MP) by 47.5% during the third quarter, Holdings Channel reports. The institutional investor owned 72,826 shares of the company’s stock after buying an additional 23,441 shares during the quarter. Tidal Investments LLC’s holdings in MP Materials were worth $1,285,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Captrust Financial Advisors grew its holdings in MP Materials by 5.0% in 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 last quarter. Cutter & CO Brokerage Inc. raised its stake in MP Materials by 0.5% in the third quarter. Cutter & CO Brokerage Inc. now owns 190,098 shares of the company’s stock valued at $3,355,000 after buying an additional 910 shares during the last quarter. Aurora Investment Counsel boosted its holdings in MP Materials by 1.7% in the second quarter. Aurora Investment Counsel now owns 66,153 shares of the company’s stock worth $842,000 after acquiring an additional 1,122 shares in the last quarter. Pekin Hardy Strauss Inc. boosted its holdings in MP Materials by 0.4% in the third quarter. Pekin Hardy Strauss Inc. now owns 255,495 shares of the company’s stock worth $4,509,000 after acquiring an additional 1,135 shares in the last quarter. Finally, Evergreen Capital Management LLC increased its holdings in shares of MP Materials by 8.2% during 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 in the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

Analyst Ratings Changes

MP has been the subject of a number of recent analyst reports. Morgan Stanley lifted their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. Canaccord Genuity Group boosted their price objective on shares of MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. BMO Capital Markets raised their target price on MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. boosted their price target on MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Finally, DA Davidson raised their price objective on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.10.

MP Materials Stock Down 8.9 %

MP Materials stock opened at $16.73 on Thursday. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $24.01. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of -30.98 and a beta of 2.24. The business’s 50-day moving average price is $19.15 and its 200 day moving average price is $15.77. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88.

MP Materials announced that its board has initiated a share repurchase plan on Tuesday, September 3rd that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 13.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at MP Materials

In other news, CFO Ryan Corbett sold 15,195 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $18.30, for a total transaction of $278,068.50. Following the sale, the chief financial officer now directly owns 295,021 shares in the company, valued at $5,398,884.30. This trade represents a 4.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 value of $4,852,913.56. Following the completion of the transaction, the chief executive officer now directly owns 17,608,409 shares of the company’s stock, valued at $364,141,898.12. The trade was a 1.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 884,862 shares of company stock valued at $17,484,482 in the last 90 days. 12.60% of the stock is currently owned by company 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.