MP Materials Corp. (NYSE:MP) CFO Sells $278,068.50 in Stock

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

MP Materials Price Performance

Shares of MP opened at $18.03 on Wednesday. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of -33.38 and a beta of 2.23. The stock’s fifty day moving average is $17.43 and its 200-day moving average is $15.32. MP Materials Corp. has a one year low of $10.02 and a one year high of $20.85. 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 declared that its board has approved a share buyback plan on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 13.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On MP Materials

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in shares of MP Materials by 136.0% in the third 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 raised its holdings in shares of MP Materials by 817.5% in the 3rd quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock worth $65,000 after purchasing an additional 3,262 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of MP Materials by 3,803.8% in the 2nd 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 in the last quarter. KBC Group NV boosted its holdings in MP Materials by 35.7% during the third quarter. KBC Group NV now owns 4,733 shares of the company’s stock worth $84,000 after buying an additional 1,246 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in shares of MP Materials in the second quarter valued at $72,000. Institutional investors own 52.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MP shares. BMO Capital Markets boosted 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. Benchmark reiterated a “buy” rating and issued a $30.00 target price on shares of MP Materials in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft dropped their price target 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. Morgan Stanley increased their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Finally, 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. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.40.

About MP Materials

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.