MP Materials Corp. (NYSE:MP) CFO Sells $752,500.00 in Stock

MP Materials Corp. (NYSE:MP) CFO Ryan Corbett sold 35,000 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $21.50, for a total transaction of $752,500.00. Following the completion of the transaction, the chief financial officer now owns 260,021 shares in the company, valued at approximately $5,590,451.50. This trade represents a 11.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Ryan Corbett also recently made the following trade(s):

• On Monday, November 18th, Ryan Corbett sold 15,195 shares of MP Materials stock. The shares were sold at an average price of $18.30, for a total transaction of $278,068.50.

MP Materials Stock Up 1.1 %

NYSE:MP traded up $0.23 during trading hours on Friday, hitting $21.07. The stock had a trading volume of 1,079,649 shares, compared to its average volume of 3,202,325. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88. MP Materials Corp. has a 1-year low of $10.02 and a 1-year high of $21.70. The business has a 50 day simple moving average of $18.41 and a two-hundred day simple moving average of $15.55. The company has a market cap of $3.44 billion, a PE ratio of -39.02 and a beta of 2.23.

MP Materials announced that its Board of Directors has initiated a stock buyback plan on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to reacquire up to 13.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of MP Materials

Several large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its position in shares of MP Materials by 2,536.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock worth $23,767,000 after buying an additional 1,598,861 shares in the last quarter. Millennium Management LLC grew its position in shares of MP Materials by 425.5% during the second quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock worth $10,201,000 after buying an additional 648,838 shares in the last quarter. Bank of Montreal Can grew its position in shares of MP Materials by 188.1% during the second quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock worth $11,462,000 after buying an additional 586,906 shares in the last quarter. Pinnacle Associates Ltd. grew its position in shares of MP Materials by 151.1% during the second quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock worth $10,382,000 after buying an additional 490,767 shares in the last quarter. Finally, Regal Partners Ltd grew its position in shares of MP Materials by 275.4% during the second quarter. Regal Partners Ltd now owns 464,016 shares of the company’s stock worth $5,907,000 after buying an additional 340,426 shares in the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MP shares. Benchmark reiterated a “buy” rating and set a $30.00 price objective on shares of MP Materials in a report on Friday, August 2nd. JPMorgan Chase & Co. increased their price objective on shares of MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Deutsche Bank Aktiengesellschaft cut their price objective on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Morgan Stanley increased their price objective 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, Robert W. Baird raised their price target on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $22.10.

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.