MP Materials (NYSE:MP) Price Target Raised to $26.00

MP Materials (NYSE:MP) had its price target hoisted by Canaccord Genuity Group from $23.00 to $26.00 in a research report released on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other analysts also recently issued reports on MP. BMO Capital Markets lifted their target price on MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research report on Friday, October 25th. Robert W. Baird upped their price objective on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Benchmark reissued a “buy” rating and issued a $30.00 target price on shares of MP Materials in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft dropped their price target on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. Finally, DA Davidson increased their price target 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. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.10.

MP Materials Stock Performance

Shares of MP opened at $21.07 on Wednesday. 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 has a 12 month low of $10.02 and a 12 month high of $21.70. The firm has a fifty day simple moving average of $18.41 and a 200 day simple moving average of $15.53. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of -39.02 and a beta of 2.23.

MP Materials declared that its board has authorized a stock buyback plan on Tuesday, September 3rd that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 13.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at MP Materials

In related news, CEO James H. Litinsky sold 300,000 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.22, for a total transaction of $6,066,000.00. Following the transaction, the chief executive officer now directly owns 18,043,076 shares of the company’s stock, valued at approximately $364,830,996.72. This trade represents a 1.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ryan Corbett sold 35,000 shares of the business’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 sale, the chief financial officer now directly owns 260,021 shares of the company’s stock, valued at $5,590,451.50. This represents a 11.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 650,195 shares of company stock valued at $12,631,569 in the last three months. 12.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MP Materials

Several institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its position 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 purchasing an additional 1,285 shares during the period. Nisa Investment Advisors LLC raised its position 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 valued at $52,000 after purchasing an additional 3,956 shares in the last quarter. Signaturefd LLC raised its position in MP Materials by 817.5% during the third quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock valued at $65,000 after purchasing an additional 3,262 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in MP Materials during the second quarter worth $72,000. Finally, KBC Group NV boosted its holdings in shares of MP Materials by 35.7% in the 3rd quarter. KBC Group NV now owns 4,733 shares of the company’s stock valued at $84,000 after purchasing an additional 1,246 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors.

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.