Insider Selling: MP Materials Corp. (NYSE:MP) CEO Sells 234,667 Shares of Stock

MP Materials Corp. (NYSE:MP) CEO James H. Litinsky sold 234,667 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.68, for a total value of $4,852,913.56. Following the sale, the chief executive officer now directly owns 17,608,409 shares in the company, valued at $364,141,898.12. The trade was a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

MP Materials Trading Down 8.6 %

Shares of NYSE MP opened at $21.13 on Thursday. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88. The stock has a 50 day moving average price of $18.68 and a 200 day moving average price of $15.57. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $24.01.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MP shares. DA Davidson boosted their price objective on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Morgan Stanley upped their target price on MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. BMO Capital Markets upped their target price on MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research note on Friday, October 25th. Canaccord Genuity Group upped their target price on MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Finally, Robert W. Baird upped their target price on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, MP Materials currently has a consensus rating of “Moderate Buy” and an average price target of $22.10.

Institutional Trading of MP Materials

Large investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in MP Materials by 136.0% during the third quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock worth $39,000 after buying an additional 1,285 shares during the period. Nisa Investment Advisors LLC lifted its holdings in MP Materials by 3,803.8% during the second quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock worth $52,000 after buying an additional 3,956 shares during the period. Signaturefd LLC lifted its holdings in MP Materials by 817.5% during the third quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock worth $65,000 after buying an additional 3,262 shares during the period. Point72 Hong Kong Ltd purchased a new stake in MP Materials during the second quarter worth $72,000. Finally, KBC Group NV lifted 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 during the period. Hedge funds and other institutional investors own 52.55% of the company’s stock.

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.