Analysts Set MP Materials Corp. (NYSE:MP) PT at $21.40

Shares of MP Materials Corp. (NYSE:MP) have received a consensus rating of “Moderate Buy” from the ten research firms that are presently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $22.10.

A number of research firms recently commented on MP. Deutsche Bank Aktiengesellschaft decreased their price objective on MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Benchmark reiterated a “buy” rating and set a $30.00 price target on shares of MP Materials in a report on Friday, August 2nd. DA Davidson upped their price objective on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Canaccord Genuity Group lifted their target price on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. increased their price target on MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st.

Insider Activity

In related news, CFO Ryan Corbett sold 15,195 shares of MP Materials stock in a transaction 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 transaction, the chief financial officer now owns 295,021 shares in the company, valued at approximately $5,398,884.30. The trade was a 4.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James H. Litinsky sold 300,000 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $18.45, for a total value of $5,535,000.00. Following the completion of the sale, the chief executive officer now owns 18,221,776 shares of the company’s stock, valued at approximately $336,191,767.20. This represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 12.60% of the company’s stock.

Hedge Funds Weigh In On MP Materials

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

MP Materials Price Performance

Shares of NYSE:MP opened at $20.84 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. The business’s fifty day moving average price is $18.13 and its two-hundred day moving average price is $15.48. The stock has a market cap of $3.40 billion, a PE ratio of -38.59 and a beta of 2.23. MP Materials has a one year low of $10.02 and a one year high of $21.26.

MP Materials declared that its board 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 repurchase up to 13.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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.