Janney Montgomery Scott LLC Increases Stake in MP Materials Corp. (NYSE:MP)

Janney Montgomery Scott LLC increased its position in shares of MP Materials Corp. (NYSE:MP) by 6.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 51,601 shares of the company’s stock after purchasing an additional 3,149 shares during the period. Janney Montgomery Scott LLC’s holdings in MP Materials were worth $911,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in shares of MP Materials by 136.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock worth $39,000 after purchasing an additional 1,285 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in MP Materials by 3,803.8% during the second quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock worth $52,000 after buying an additional 3,956 shares in the last quarter. Signaturefd LLC increased its holdings in MP Materials by 817.5% in the third quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock valued at $65,000 after buying an additional 3,262 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of MP Materials during the 2nd quarter valued at approximately $72,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of MP Materials during the 2nd quarter worth approximately $100,000. Institutional investors and hedge funds own 52.55% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Benchmark reaffirmed a “buy” rating and set a $30.00 price objective on shares of MP Materials in a report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft cut their price target on MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a research note on Tuesday, August 6th. Morgan Stanley increased their price objective 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. 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 report on Monday, October 21st. Finally, Canaccord Genuity Group cut their price objective 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. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $21.40.

MP Materials Trading Down 1.6 %

Shares of MP stock opened at $18.28 on Friday. The firm’s 50-day simple moving average is $17.25 and its 200-day simple moving average is $15.29. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13. MP Materials Corp. has a 1-year low of $10.02 and a 1-year high of $20.85. The firm has a market cap of $3.02 billion, a P/E ratio of -33.85 and a beta of 2.23.

MP Materials declared that its board has authorized a share buyback program on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 13.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is 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.