Ryan Corbett Sells 15,195 Shares of MP Materials Corp. (NYSE:MP) Stock

MP Materials Corp. (NYSE:MP) CFO Ryan Corbett sold 15,195 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $18.30, for a total transaction of $278,068.50. Following the completion of the transaction, the chief financial officer now directly owns 295,021 shares of the company’s stock, valued at approximately $5,398,884.30. This represents a 4.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

MP Materials Trading Up 1.2 %

MP opened at $18.24 on Thursday. The firm has a market capitalization of $2.98 billion, a P/E ratio of -33.77 and a beta of 2.23. The firm’s 50 day moving average is $17.52 and its 200-day moving average is $15.34. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $20.85.

MP Materials declared that its Board of Directors has approved a share repurchase program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 13.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

MP has been the subject of several research reports. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a research note on Tuesday, August 6th. BMO Capital Markets upped their price target on MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research note on Friday, October 25th. Canaccord Genuity Group reduced their price objective on MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Benchmark reissued a “buy” rating and set a $30.00 target price on shares of MP Materials in a research report on Friday, August 2nd. Finally, Morgan Stanley lifted their price target on shares of MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, September 19th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, MP Materials presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.40.

Hedge Funds Weigh In On MP Materials

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its stake in shares of MP Materials by 2,536.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock valued at $23,767,000 after buying an additional 1,598,861 shares during the last quarter. Millennium Management LLC boosted its stake in MP Materials by 425.5% during the 2nd quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock valued at $10,201,000 after acquiring an additional 648,838 shares during the last quarter. Bank of Montreal Can grew its holdings in MP Materials by 188.1% during the 2nd quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock worth $11,462,000 after acquiring an additional 586,906 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in shares of MP Materials by 151.1% in the 2nd quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock valued at $10,382,000 after purchasing an additional 490,767 shares in the last quarter. Finally, Regal Partners Ltd grew its stake in MP Materials by 275.4% in the second quarter. Regal Partners Ltd now owns 464,016 shares of the company’s stock worth $5,907,000 after purchasing an additional 340,426 shares in the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

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.