MP Materials Corp. (NYSE:MP) CEO James H. Litinsky Sells 300,000 Shares

MP Materials Corp. (NYSE:MP) CEO James H. Litinsky sold 300,000 shares of MP Materials stock in a transaction on Monday, November 18th. The stock was sold at an average price of $18.45, for a total transaction of $5,535,000.00. Following the transaction, the chief executive officer now owns 18,221,776 shares in the company, valued at approximately $336,191,767.20. This trade represents a 1.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

MP Materials Stock Up 0.4 %

MP stock opened at $18.36 on Tuesday. The stock’s 50 day simple moving average is $17.35 and its 200 day simple moving average is $15.30. The company has a market cap of $3.04 billion, a P/E ratio of -33.99 and a beta of 2.23. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93. MP Materials Corp. has a fifty-two week low of $10.02 and a fifty-two week high of $20.85.

MP Materials declared that its Board of Directors has initiated a share repurchase program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 13.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

MP has been the topic of a number of analyst reports. DA Davidson upped their price target on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. raised their price target on shares of MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Robert W. Baird increased 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. Canaccord Genuity Group decreased their price target on MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Finally, Morgan Stanley boosted their price objective on MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.40.

Institutional Trading of MP Materials

Several hedge funds have recently bought and sold shares of MP. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of MP Materials by 11.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,796 shares of the company’s stock valued at $269,000 after buying an additional 1,942 shares in the last quarter. Vanguard Group Inc. boosted its stake in MP Materials by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company’s stock valued at $198,216,000 after purchasing an additional 225,554 shares during the last quarter. Clearbridge Investments LLC increased its holdings in MP Materials by 2.4% during the 1st quarter. Clearbridge Investments LLC now owns 671,021 shares of the company’s stock worth $9,596,000 after purchasing an additional 15,851 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of MP Materials by 14.5% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 188,828 shares of the company’s stock worth $2,700,000 after purchasing an additional 23,903 shares during the last quarter. Finally, LGT Group Foundation lifted its holdings in shares of MP Materials by 5.1% in the first quarter. LGT Group Foundation now owns 238,715 shares of the company’s stock valued at $3,414,000 after purchasing an additional 11,491 shares in the last quarter. Institutional investors and hedge funds own 52.55% 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.