Krane Funds Advisors LLC Sells 3,297 Shares of MP Materials Corp. (NYSE:MP)

Krane Funds Advisors LLC decreased its stake in MP Materials Corp. (NYSE:MP) by 4.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 70,459 shares of the company’s stock after selling 3,297 shares during the period. Krane Funds Advisors LLC’s holdings in MP Materials were worth $1,244,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in MP Materials by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 13,635,712 shares of the company’s stock valued at $270,669,000 after acquiring an additional 254,881 shares during the period. 180 Wealth Advisors LLC lifted its stake in shares of MP Materials by 25.3% during the 1st quarter. 180 Wealth Advisors LLC now owns 56,790 shares of the company’s stock valued at $812,000 after buying an additional 11,476 shares in the last quarter. Mirador Capital Partners LP raised its holdings in MP Materials by 12.9% during the 1st quarter. Mirador Capital Partners LP now owns 19,354 shares of the company’s stock valued at $277,000 after acquiring an additional 2,212 shares during the period. State of Michigan Retirement System lifted its position in shares of MP Materials by 2.3% during the first quarter. State of Michigan Retirement System now owns 35,400 shares of the company’s stock worth $506,000 after acquiring an additional 800 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in shares of MP Materials by 25.4% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 27,567 shares of the company’s stock worth $394,000 after acquiring an additional 5,580 shares during the period. 52.55% of the stock is owned by institutional investors.

Insider Buying and Selling at MP Materials

In other news, COO Michael Stuart Rosenthal purchased 30,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was acquired at an average price of $10.84 per share, with a total value of $325,200.00. Following the transaction, the chief operating officer now directly owns 1,402,975 shares of the company’s stock, valued at approximately $15,208,249. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 12.60% of the company’s stock.

MP Materials Trading Down 2.7 %

MP stock opened at $18.08 on Tuesday. MP Materials Corp. has a one year low of $10.02 and a one year high of $20.85. The company has a market capitalization of $2.99 billion, a PE ratio of -120.67 and a beta of 2.23. The company’s 50 day moving average price is $14.93 and its two-hundred day moving average price is $14.94. The company has a debt-to-equity ratio of 0.84, a quick ratio of 6.17 and a current ratio of 6.90.

MP Materials (NYSE:MP) last posted its quarterly earnings results on Thursday, August 1st. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.08). The business had revenue of $31.26 million for the quarter, compared to analysts’ expectations of $40.03 million. MP Materials had a negative net margin of 21.94% and a negative return on equity of 4.28%. The business’s quarterly revenue was down 51.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.07 earnings per share. As a group, analysts predict that MP Materials Corp. will post -0.48 earnings per share for the current fiscal year.

MP Materials announced that its board has authorized a stock 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 stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of research firms have weighed in on MP. Morgan Stanley lifted their target price on MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. Canaccord Genuity Group reduced their price target on shares of MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Bank of America reduced their target price on MP Materials from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, June 26th. DA Davidson boosted their price objective on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Finally, Robert W. Baird lifted their target price 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. 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 data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.15.

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.