D.A. Davidson & CO. Sells 2,454 Shares of MP Materials Corp. (NYSE:MP)

D.A. Davidson & CO. lowered its stake in shares of MP Materials Corp. (NYSE:MP) by 4.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,979 shares of the company’s stock after selling 2,454 shares during the quarter. D.A. Davidson & CO.’s holdings in MP Materials were worth $1,023,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of MP. Millennium Management LLC grew its stake in shares of MP Materials by 425.5% in the 2nd quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock worth $10,201,000 after acquiring an additional 648,838 shares in the last quarter. Bank of Montreal Can boosted its holdings in MP Materials by 188.1% during the second quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock worth $11,462,000 after purchasing an additional 586,906 shares during the last quarter. Pinnacle Associates Ltd. grew its position in MP Materials by 151.1% in the 2nd quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock worth $10,382,000 after purchasing an additional 490,767 shares in the last quarter. Regal Partners Ltd increased its stake in MP Materials by 275.4% in the 2nd quarter. Regal Partners Ltd now owns 464,016 shares of the company’s stock valued at $5,907,000 after buying an additional 340,426 shares during the last quarter. Finally, Segall Bryant & Hamill LLC lifted its position in shares of MP Materials by 32.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock worth $21,988,000 after buying an additional 306,933 shares in the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

MP Materials Trading Up 1.1 %

NYSE:MP opened at $21.07 on Monday. MP Materials Corp. has a 1 year low of $10.02 and a 1 year high of $21.70. The stock’s fifty day moving average price is $18.41 and its two-hundred day moving average price is $15.51. 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 company has a market cap of $3.44 billion, a P/E ratio of -39.02 and a beta of 2.23.

MP Materials declared that its Board of Directors has approved a stock buyback program on Tuesday, September 3rd that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to reacquire up to 13.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MP shares. 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 report on Friday, October 25th. DA Davidson raised their target price on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Canaccord Genuity Group boosted their price target on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Robert W. Baird lifted their price objective on shares of MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. Finally, Morgan Stanley increased their target price on shares of MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, September 19th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.10.

Insider Buying and Selling

In related news, CEO James H. Litinsky sold 300,000 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.22, for a total value of $6,066,000.00. Following the sale, the chief executive officer now owns 18,043,076 shares in the company, valued at approximately $364,830,996.72. This trade represents a 1.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Ryan Corbett sold 15,195 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $18.30, for a total value of $278,068.50. Following the transaction, the chief financial officer now owns 295,021 shares of the company’s stock, valued at approximately $5,398,884.30. The trade was a 4.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 650,195 shares of company stock valued at $12,631,569. Corporate insiders own 12.60% 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.