Verity Asset Management Inc. Grows Stock Holdings in MP Materials Corp. (NYSE:MP)

Verity Asset Management Inc. boosted its holdings in MP Materials Corp. (NYSE:MP) by 8.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 98,113 shares of the company’s stock after buying an additional 7,424 shares during the period. Verity Asset Management Inc.’s holdings in MP Materials were worth $1,732,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC raised its position in shares of MP Materials by 136.0% during the third quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock valued at $39,000 after buying an additional 1,285 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in MP Materials by 3,803.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock worth $52,000 after purchasing an additional 3,956 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of MP Materials by 817.5% during the 3rd quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock valued at $65,000 after purchasing an additional 3,262 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of MP Materials during the second quarter valued at about $72,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of MP Materials in the second quarter worth about $100,000. 52.55% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on MP. Canaccord Genuity Group dropped their price target on MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Benchmark reiterated a “buy” rating and set a $30.00 target price on shares of MP Materials in a research report on Friday, August 2nd. JPMorgan Chase & Co. boosted their price target on shares of MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Robert W. Baird increased their price objective on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, MP Materials has an average rating of “Moderate Buy” and an average price target of $21.40.

MP Materials Price Performance

MP stock opened at $19.99 on Friday. The company has a current ratio of 6.90, a quick ratio of 6.17 and a debt-to-equity ratio of 0.84. MP Materials Corp. has a 12 month low of $10.02 and a 12 month high of $20.85. The stock has a market cap of $3.31 billion, a PE ratio of -49.97 and a beta of 2.23. The company has a 50-day moving average price of $16.54 and a 200 day moving average price of $15.16.

MP Materials declared that its board has initiated a share buyback plan on Tuesday, September 3rd that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to buy up to 13.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

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.