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

MP Materials Corp. (NYSE:MP) CEO James H. Litinsky sold 300,000 shares of MP Materials stock in a transaction that occurred on Monday, November 18th. The shares were 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 of the company’s stock, valued at $336,191,767.20. The trade was a 1.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

MP Materials Stock Up 1.2 %

Shares of NYSE MP opened at $18.24 on Thursday. 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 company has a market cap of $2.98 billion, a P/E ratio of -33.77 and a beta of 2.23. MP Materials Corp. has a 1 year low of $10.02 and a 1 year high of $20.85. The firm has a 50-day simple moving average of $17.52 and a two-hundred day simple moving average of $15.34.

MP Materials declared that its Board of Directors has approved a share buyback program on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 13.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On MP Materials

A number of institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC grew its holdings in MP Materials by 136.0% in the third quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock worth $39,000 after purchasing an additional 1,285 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in MP Materials by 3,803.8% during the second quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock valued at $52,000 after purchasing an additional 3,956 shares during the period. Signaturefd LLC raised 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 during the period. Point72 Hong Kong Ltd purchased a new stake in shares of MP Materials during the second quarter worth about $72,000. Finally, KBC Group NV grew its stake in MP Materials by 35.7% during 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. 52.55% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MP. Canaccord Genuity Group lowered their price target on MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Morgan Stanley increased their price target on MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. DA Davidson increased their price target on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Benchmark reiterated a “buy” rating and issued a $30.00 price target on shares of MP Materials in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. raised their price objective on MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, MP Materials currently has a consensus rating of “Moderate Buy” and an average price target of $21.40.

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.