Baillie Gifford & Co. Decreases Stake in MP Materials Corp. (NYSE:MP)

Baillie Gifford & Co. lessened its stake in shares of MP Materials Corp. (NYSE:MP) by 2.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,758,581 shares of the company’s stock after selling 61,162 shares during the quarter. Baillie Gifford & Co. owned approximately 1.67% of MP Materials worth $48,689,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in MP Materials by 136.0% during the 3rd 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 period. Signaturefd LLC boosted its holdings in shares of MP Materials by 817.5% during the third quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock worth $65,000 after purchasing an additional 3,262 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of 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 purchasing an additional 3,956 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of MP Materials in the second quarter worth about $72,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in MP Materials during the 2nd quarter valued at about $100,000. Institutional investors own 52.55% of the company’s stock.

MP Materials Stock Down 2.7 %

Shares of MP Materials stock opened at $19.86 on Wednesday. MP Materials Corp. has a 1 year low of $10.02 and a 1 year high of $20.85. The company has a debt-to-equity ratio of 0.84, a current ratio of 6.90 and a quick ratio of 6.17. The company has a 50-day moving average of $16.83 and a 200 day moving average of $15.21. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of -36.77 and a beta of 2.23.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Benchmark reiterated a “buy” rating and issued a $30.00 price objective on shares of MP Materials in a research report on Friday, August 2nd. DA Davidson lifted their price target on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Canaccord Genuity Group reduced their price objective on shares of MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. BMO Capital Markets raised their target price 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. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $21.40.

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.