Victory Capital Management Inc. Buys 28,697 Shares of MP Materials Corp. (NYSE:MP)

Victory Capital Management Inc. boosted its stake in MP Materials Corp. (NYSE:MP) by 1.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,359,092 shares of the company’s stock after purchasing an additional 28,697 shares during the period. Victory Capital Management Inc. owned about 1.43% of MP Materials worth $41,638,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in MP Materials by 136.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock valued at $39,000 after acquiring an additional 1,285 shares during the period. Signaturefd LLC increased its position in MP Materials by 817.5% in the 3rd quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock valued at $65,000 after acquiring an additional 3,262 shares during the period. Nisa Investment Advisors LLC increased its position 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 valued at $52,000 after acquiring an additional 3,956 shares during the period. Point72 Hong Kong Ltd acquired a new position in MP Materials in the 2nd quarter valued at approximately $72,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in MP Materials in the 2nd quarter valued at approximately $100,000. Institutional investors own 52.55% of the company’s stock.

MP Materials Trading Down 1.6 %

NYSE:MP opened at $18.27 on Friday. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $3.02 billion, a price-to-earnings ratio of -33.83 and a beta of 2.23. The firm has a fifty day simple moving average of $17.25 and a two-hundred day simple moving average of $15.30. MP Materials Corp. has a 12 month low of $10.02 and a 12 month high of $20.85.

MP Materials announced that its board has approved a share repurchase program on Tuesday, September 3rd that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to purchase up to 13.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MP shares. JPMorgan Chase & Co. upped their price target on shares of MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Benchmark reiterated a “buy” rating and set a $30.00 price objective on shares of MP Materials in a research report on Friday, August 2nd. Canaccord Genuity Group decreased 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. BMO Capital Markets increased their price objective 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, DA Davidson increased their price objective on shares of MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.40.

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.