AlphaCrest Capital Management LLC trimmed its holdings in shares of MP Materials Corp. (NYSE:MP – Get Rating) by 23.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,472 shares of the company’s stock after selling 7,620 shares during the period. AlphaCrest Capital Management LLC’s holdings in MP Materials were worth $668,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of MP. BlackRock Inc. raised its position in MP Materials by 29.1% during the first quarter. BlackRock Inc. now owns 6,398,647 shares of the company’s stock worth $366,898,000 after acquiring an additional 1,441,580 shares in the last quarter. State Street Corp raised its holdings in shares of MP Materials by 56.2% in the 1st quarter. State Street Corp now owns 4,806,550 shares of the company’s stock valued at $275,608,000 after purchasing an additional 1,729,193 shares during the period. Renaissance Technologies LLC lifted its stake in MP Materials by 6.6% in the 3rd quarter. Renaissance Technologies LLC now owns 2,625,400 shares of the company’s stock valued at $71,673,000 after purchasing an additional 163,400 shares during the last quarter. Invesco Ltd. grew its holdings in MP Materials by 61.1% during the first quarter. Invesco Ltd. now owns 2,208,928 shares of the company’s stock worth $126,661,000 after purchasing an additional 838,085 shares during the period. Finally, Van ECK Associates Corp grew its holdings in MP Materials by 1.0% during the third quarter. Van ECK Associates Corp now owns 1,928,997 shares of the company’s stock worth $52,662,000 after purchasing an additional 19,393 shares during the period. Institutional investors own 62.84% of the company’s stock.
Insider Transactions at MP Materials
In related news, Director Financial Lp Qvt sold 100,000 shares of the business’s stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $31.75, for a total value of $3,175,000.00. Following the completion of the sale, the director now directly owns 1,124,469 shares in the company, valued at approximately $35,701,890.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 41.30% of the stock is owned by corporate insiders.
MP Materials Stock Down 4.9 %
Wall Street Analysts Forecast Growth
Separately, Canaccord Genuity Group upped their price objective on MP Materials from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Friday, February 24th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, MP Materials has an average rating of “Buy” and an average price target of $47.31.
About MP Materials
MP Materials Corp. owns and operates rare earth mining and processing facilities. It owns and operates the Mountain Pass Rare Earth mine located in the Western Hemisphere. The company 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.
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