MP Materials Corp. (NYSE:MP) Receives $21.40 Average PT from Analysts

Shares of MP Materials Corp. (NYSE:MP) have been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $22.10.

Several equities research analysts recently weighed in on the company. Morgan Stanley upped their price target on MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a report on Thursday, September 19th. Benchmark restated a “buy” rating and issued a $30.00 target price on shares of MP Materials in a report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price target on shares of MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Deutsche Bank Aktiengesellschaft dropped their price objective on MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Finally, DA Davidson boosted their target price on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, October 1st.

MP Materials Stock Up 2.9 %

Shares of NYSE MP opened at $20.84 on Friday. The business has a 50-day moving average of $18.13 and a two-hundred day moving average of $15.48. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of -38.59 and a beta of 2.23. MP Materials has a 1 year low of $10.02 and a 1 year high of $21.26. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13.

MP Materials declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 3rd that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 13.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other MP Materials news, CFO Ryan Corbett sold 15,195 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was 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 document filed with the SEC, which is accessible through the SEC website. Also, CEO James H. Litinsky sold 300,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $18.45, for a total value of $5,535,000.00. Following the completion of the sale, the chief executive officer now directly owns 18,221,776 shares of the company’s stock, valued at $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.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in MP Materials by 1.7% during the first quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company’s stock worth $198,216,000 after buying an additional 225,554 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in 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 purchasing an additional 1,598,861 shares during the last quarter. Silvercrest Asset Management Group LLC boosted its position in MP Materials by 3.9% during the first quarter. Silvercrest Asset Management Group LLC now owns 222,680 shares of the company’s stock worth $3,184,000 after purchasing an additional 8,341 shares in the last quarter. Elkhorn Partners Limited Partnership grew its holdings in MP Materials by 15.9% in the first quarter. Elkhorn Partners Limited Partnership now owns 8,000 shares of the company’s stock valued at $114,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Comerica Bank increased its position in shares of MP Materials by 16.7% in the first quarter. Comerica Bank now owns 71,564 shares of the company’s stock valued at $1,023,000 after buying an additional 10,264 shares in the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

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.