MP Materials (NYSE:MP) Shares Up 9.5% – Still a Buy?

MP Materials Corp. (NYSE:MP) shares shot up 9.5% during trading on Friday . The stock traded as high as $17.97 and last traded at $17.94. 1,840,149 shares traded hands during mid-day trading, a decline of 17% from the average session volume of 2,223,203 shares. The stock had previously closed at $16.39.

Analysts Set New Price Targets

Several research firms recently issued reports on MP. JPMorgan Chase & Co. upped their price target on MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Canaccord Genuity Group increased their target price 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 target on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 27th. DA Davidson increased their price objective on shares of MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Finally, 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 note on Friday, October 25th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.10.

MP Materials Price Performance

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 market capitalization of $2.97 billion, a P/E ratio of -33.70 and a beta of 2.24. The business has a fifty day moving average of $18.71 and a 200-day moving average of $15.91.

Insider Transactions at MP Materials

In other news, CFO Ryan Corbett sold 35,000 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $21.50, for a total value of $752,500.00. Following the sale, the chief financial officer now owns 260,021 shares of the company’s stock, valued at approximately $5,590,451.50. The trade was a 11.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James H. Litinsky sold 234,667 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were 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 directly owns 17,608,409 shares of the company’s stock, valued at $364,141,898.12. This represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 884,862 shares of company stock valued at $17,484,482. 12.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its holdings in MP Materials by 136.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock worth $39,000 after buying an additional 1,285 shares during the period. Signaturefd LLC increased its position in shares of MP Materials by 817.5% in the third quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock worth $65,000 after acquiring an additional 3,262 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of MP Materials during the second quarter valued at approximately $72,000. KBC Group NV lifted its position 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 acquiring an additional 1,246 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in MP Materials in the 2nd quarter worth approximately $100,000. Institutional investors and hedge funds 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.