MP Materials Corp. (NYSE:MP) CEO Sells $6,066,000.00 in Stock

MP Materials Corp. (NYSE:MP) CEO James H. Litinsky sold 300,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $20.22, for a total transaction of $6,066,000.00. Following the transaction, the chief executive officer now directly owns 18,043,076 shares of the company’s stock, valued at $364,830,996.72. This trade represents a 1.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

MP Materials Stock Up 1.1 %

Shares of NYSE MP opened at $21.07 on Friday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93. MP Materials Corp. has a 1 year low of $10.02 and a 1 year high of $21.70. The stock’s 50-day simple moving average is $18.41 and its 200-day simple moving average is $15.53. The firm has a market cap of $3.44 billion, a price-to-earnings ratio of -39.02 and a beta of 2.23.

MP Materials declared that its Board of Directors has initiated a share buyback plan on Tuesday, September 3rd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 13.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On MP Materials

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in MP Materials by 1.7% in the first quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company’s stock valued at $198,216,000 after buying an additional 225,554 shares during the last quarter. Baillie Gifford & Co. increased its holdings in shares of MP Materials by 2.8% in the 2nd quarter. Baillie Gifford & Co. now owns 2,819,743 shares of the company’s stock valued at $35,895,000 after acquiring an additional 76,288 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of MP Materials by 1.2% during the 3rd quarter. Victory Capital Management Inc. now owns 2,359,092 shares of the company’s stock valued at $41,638,000 after acquiring an additional 28,697 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in MP Materials by 3.1% during the second quarter. Dimensional Fund Advisors LP now owns 2,355,982 shares of the company’s stock worth $29,993,000 after purchasing an additional 71,454 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in MP Materials by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 1,733,517 shares of the company’s stock worth $22,068,000 after purchasing an additional 26,119 shares during the period. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MP. Deutsche Bank Aktiengesellschaft cut their target price on MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. DA Davidson lifted their price objective on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. BMO Capital Markets raised their price target on shares of MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a report on Friday, October 25th. JPMorgan Chase & Co. boosted their price objective on shares of MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Finally, Robert W. Baird raised their target price on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, MP Materials currently has an average rating of “Moderate Buy” and a consensus price target of $22.10.

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.