MP Materials Corp. (NYSE:MP) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC cut its stake in MP Materials Corp. (NYSE:MP) by 0.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,187 shares of the company’s stock after selling 1,242 shares during the period. HighTower Advisors LLC owned approximately 0.09% of MP Materials worth $2,583,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in MP Materials by 136.0% in the third quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock worth $39,000 after acquiring an additional 1,285 shares in the last quarter. Signaturefd LLC raised its holdings in shares of MP Materials by 817.5% in the 3rd quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock worth $65,000 after purchasing an additional 3,262 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake 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 during the last quarter. KBC Group NV boosted its holdings in MP Materials by 35.7% during the third quarter. KBC Group NV now owns 4,733 shares of the company’s stock worth $84,000 after buying an additional 1,246 shares in the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in MP Materials in the second quarter worth approximately $72,000. Institutional investors own 52.55% of the company’s stock.

MP Materials Stock Performance

MP stock opened at $19.36 on Friday. The stock has a market cap of $3.16 billion, a P/E ratio of -35.85 and a beta of 2.24. 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 firm has a 50 day simple moving average of $19.11 and a 200 day simple moving average of $15.73. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $24.01.

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

Insider Buying and Selling at MP Materials

In related news, CFO Ryan Corbett sold 35,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $21.50, for a total transaction of $752,500.00. Following the transaction, the chief financial officer now owns 260,021 shares of the company’s stock, valued at approximately $5,590,451.50. This trade represents a 11.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James H. Litinsky sold 300,000 shares of MP Materials stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $18.45, for a total transaction 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 $336,191,767.20. This trade represents a 1.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 884,862 shares of company stock valued at $17,484,482 in the last quarter. Company insiders own 12.60% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on MP shares. BMO Capital Markets increased their price objective 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. JPMorgan Chase & Co. upped their target price on MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Canaccord Genuity Group lifted their price target on MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Morgan Stanley upped their price objective on shares of MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. Finally, Robert W. Baird lifted their target price 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. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $22.10.

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.