MP Materials Corp. (NYSE:MP) CEO Sells $5,535,000.00 in Stock

MP Materials Corp. (NYSE:MP) CEO James H. Litinsky sold 300,000 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $18.45, for a total value of $5,535,000.00. Following the completion of the sale, the chief executive officer now owns 18,221,776 shares in the company, valued at $336,191,767.20. The trade was a 1.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

MP Materials Stock Down 1.8 %

MP stock opened at $18.03 on Wednesday. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $2.94 billion, a PE ratio of -33.38 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 business’s 50 day simple moving average is $17.43 and its 200 day simple moving average is $15.32.

MP Materials declared that its board has authorized a share repurchase program on Tuesday, September 3rd that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 13.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. DA Davidson boosted their price target on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. boosted their price target on MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Robert W. Baird boosted their price target on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research report on Friday, September 27th. BMO Capital Markets boosted their price target on MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research report on Friday, October 25th. Finally, Benchmark reaffirmed a “buy” rating and set a $30.00 price target on shares of MP Materials in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.40.

Institutional Trading of MP Materials

Several institutional investors have recently added to or reduced their stakes in MP. Mirae Asset Global Investments Co. Ltd. boosted its stake in MP Materials by 11.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,796 shares of the company’s stock valued at $269,000 after purchasing an additional 1,942 shares during the period. Vanguard Group Inc. boosted its stake in MP Materials by 1.7% in 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 period. Clearbridge Investments LLC boosted its stake in MP Materials by 2.4% in the 1st quarter. Clearbridge Investments LLC now owns 671,021 shares of the company’s stock valued at $9,596,000 after purchasing an additional 15,851 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in MP Materials by 14.5% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 188,828 shares of the company’s stock valued at $2,700,000 after purchasing an additional 23,903 shares during the period. Finally, LGT Group Foundation boosted its stake in MP Materials by 5.1% in the 1st 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 during the period. 52.55% of the stock is currently owned by institutional investors.

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.