MP Materials Corp. (NYSE:MP) Receives $22.10 Consensus Target Price from Analysts

MP Materials Corp. (NYSE:MP) has received a consensus rating of “Moderate Buy” from the ten brokerages that are covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $22.10.

MP has been the subject of several analyst reports. DA Davidson upped 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. JPMorgan Chase & Co. upped their price objective on shares of 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 target price on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Robert W. Baird increased their price target on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Finally, Morgan Stanley lifted their price target 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.

MP Materials Stock Down 2.1 %

MP stock opened at $15.84 on Wednesday. The firm has a 50-day simple moving average of $19.08 and a 200-day simple moving average of $15.77. MP Materials has a 52 week low of $10.02 and a 52 week high of $24.01. The stock has a market capitalization of $2.59 billion, a P/E ratio of -29.33 and a beta of 2.24. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88.

MP Materials announced that its board has approved 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at MP Materials

In other news, CFO Ryan Corbett sold 15,195 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $18.30, for a total transaction of $278,068.50. Following the transaction, the chief financial officer now directly owns 295,021 shares in the company, valued at $5,398,884.30. The trade was a 4.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO James H. Litinsky sold 234,667 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.68, for a total value of $4,852,913.56. Following the transaction, the chief executive officer now owns 17,608,409 shares in the company, valued at $364,141,898.12. The trade was a 1.32 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 884,862 shares of company stock worth $17,484,482. 12.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On MP Materials

A number of hedge funds and other institutional investors have recently modified their holdings of MP. Baillie Gifford & Co. lifted its holdings in shares of MP Materials by 2.8% in the second quarter. Baillie Gifford & Co. now owns 2,819,743 shares of the company’s stock valued at $35,895,000 after purchasing an additional 76,288 shares in the last quarter. Victory Capital Management Inc. grew its holdings in MP Materials by 1.2% during the 3rd quarter. Victory Capital Management Inc. now owns 2,359,092 shares of the company’s stock valued at $41,638,000 after buying an additional 28,697 shares during the last quarter. Dimensional Fund Advisors LP increased its position in MP Materials by 3.1% during the second quarter. Dimensional Fund Advisors LP now owns 2,355,982 shares of the company’s stock worth $29,993,000 after buying an additional 71,454 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of MP Materials by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 1,733,517 shares of the company’s stock worth $22,068,000 after acquiring an additional 26,119 shares during the last quarter. Finally, Segall Bryant & Hamill LLC lifted its position in shares of MP Materials by 32.7% in the third quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock valued at $21,988,000 after acquiring an additional 306,933 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors and hedge funds.

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.