Insider Selling: MP Materials Corp. (NYSE:MP) CEO Sells $13,115,104.86 in Stock

MP Materials Corp. (NYSE:MP) CEO James H. Litinsky sold 489,918 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $26.77, for a total value of $13,115,104.86. Following the completion of the sale, the chief executive officer now directly owns 15,153,158 shares of the company’s stock, valued at $405,650,039.66. The trade was a 3.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

MP Materials Trading Down 1.7 %

Shares of MP opened at $25.81 on Friday. The company has a market capitalization of $4.22 billion, a P/E ratio of -43.75 and a beta of 2.32. MP Materials Corp. has a one year low of $10.02 and a one year high of $27.29. 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 stock has a 50-day moving average price of $23.36 and a 200 day moving average price of $19.69.

MP Materials (NYSE:MP) last announced its quarterly earnings data on Thursday, February 20th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.05). MP Materials had a negative net margin of 32.09% and a negative return on equity of 8.44%. The firm had revenue of $60.99 million for the quarter, compared to analyst estimates of $50.71 million. Sell-side analysts forecast that MP Materials Corp. will post -0.19 EPS for the current fiscal year.

Institutional Trading of MP Materials

Several institutional investors and hedge funds have recently bought and sold shares of MP. Price T Rowe Associates Inc. MD raised its stake in MP Materials by 44.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,537,511 shares of the company’s stock valued at $101,986,000 after buying an additional 2,005,505 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in MP Materials during the fourth quarter valued at approximately $14,886,000. Raymond James Financial Inc. acquired a new stake in MP Materials during the fourth quarter valued at approximately $6,284,000. HITE Hedge Asset Management LLC acquired a new stake in MP Materials during the fourth quarter valued at approximately $6,019,000. Finally, Two Sigma Advisers LP acquired a new stake in MP Materials during the fourth quarter valued at approximately $5,524,000. Institutional investors and hedge funds own 52.55% of the company’s stock.

Analysts Set New Price Targets

MP has been the subject of several analyst reports. Canaccord Genuity Group upped their target price on MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. DA Davidson upped their target price on MP Materials from $25.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, BMO Capital Markets increased their price target on MP Materials from $22.00 to $29.00 and gave the company a “market perform” rating in a report on Thursday. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, MP Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.61.

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.