Ryan Corbett Sells 15,195 Shares of MP Materials Corp. (NYSE:MP) Stock

MP Materials Corp. (NYSE:MP) CFO Ryan Corbett sold 15,195 shares of the firm’s 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 completion of the sale, the chief financial officer now directly owns 295,021 shares of the company’s stock, valued at $5,398,884.30. This represents a 4.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

MP Materials Stock Down 1.8 %

MP opened at $18.03 on Wednesday. MP Materials Corp. has a 12 month low of $10.02 and a 12 month high of $20.85. The business has a 50-day moving average of $17.43 and a two-hundred day moving average of $15.32. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13. The stock has a market capitalization of $2.94 billion, a price-to-earnings ratio of -33.38 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 authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to purchase up to 13.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. DA Davidson boosted their target price on shares of MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Deutsche Bank Aktiengesellschaft dropped their target price on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a report on Tuesday, August 6th. Robert W. Baird upped their price target on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a report on Friday, September 27th. Benchmark restated a “buy” rating and issued a $30.00 price target on shares of MP Materials in a research report on Friday, August 2nd. Finally, BMO Capital Markets boosted their price objective 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. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $21.40.

Institutional Trading of MP Materials

A number of institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in 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. Nisa Investment Advisors LLC lifted its stake in shares of 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 purchasing an additional 3,956 shares in the last quarter. Signaturefd LLC grew its stake in shares of MP Materials by 817.5% in the third quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock valued at $65,000 after buying an additional 3,262 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in MP Materials during the 2nd quarter worth approximately $72,000. Finally, KBC Group NV boosted its holdings in MP Materials by 35.7% in the 3rd quarter. KBC Group NV now owns 4,733 shares of the company’s stock worth $84,000 after acquiring an additional 1,246 shares during the period. 52.55% of the stock is currently owned by institutional investors and hedge funds.

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.