MP Materials Corp. (NYSE:MP) CEO Sells $6,066,000.00 in Stock

MP Materials Corp. (NYSE:MP) CEO James H. Litinsky sold 300,000 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.22, for a total transaction of $6,066,000.00. Following the transaction, the chief executive officer now owns 18,043,076 shares in the company, valued at approximately $364,830,996.72. The trade was a 1.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

MP Materials Stock Performance

Shares of NYSE MP traded up $0.23 during trading on Friday, reaching $21.07. 1,079,649 shares of the stock traded hands, compared to its average volume of 3,202,325. 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 stock has a market capitalization of $3.44 billion, a P/E ratio of -39.02 and a beta of 2.23. MP Materials Corp. has a 52-week low of $10.02 and a 52-week high of $21.70. The company has a 50-day moving average of $18.41 and a 200-day moving average of $15.55.

MP Materials declared that its Board of Directors has authorized a share repurchase program on Tuesday, September 3rd that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to buy up to 13.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have recently commented on MP shares. DA Davidson increased their price objective on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. BMO Capital Markets increased their price objective on shares of MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. boosted their target price on MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note 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 report on Wednesday. Finally, Benchmark restated a “buy” rating and issued a $30.00 price objective on shares of MP Materials in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $22.10.

Hedge Funds Weigh In On MP Materials

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in shares of MP Materials by 136.0% in the third quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock valued at $39,000 after purchasing an additional 1,285 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in MP Materials by 3,803.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock valued at $52,000 after buying an additional 3,956 shares in the last quarter. Signaturefd LLC lifted its holdings 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 buying an additional 3,262 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in shares of MP Materials in the second quarter valued at approximately $72,000. Finally, KBC Group NV grew its stake in MP Materials by 35.7% during the third 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. Institutional investors 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.