MP Materials (NYSE:MP) Price Target Raised to $26.00

MP Materials (NYSE:MP) had its price objective boosted by Canaccord Genuity Group from $23.00 to $26.00 in a research note released on Wednesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other brokerages have also weighed in on MP. Deutsche Bank Aktiengesellschaft cut their price objective on MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. DA Davidson lifted their price objective on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Robert W. Baird raised their target price on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Morgan Stanley raised their target price 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. Finally, BMO Capital Markets raised their target price on MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research note on Friday, October 25th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, MP Materials currently has an average rating of “Moderate Buy” and an average target price of $22.10.

MP Materials Price Performance

MP opened at $21.07 on Wednesday. The stock’s 50 day simple moving average is $18.41 and its 200 day simple moving average is $15.55. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13. MP Materials has a 1 year low of $10.02 and a 1 year high of $21.70. The firm has a market cap of $3.44 billion, a price-to-earnings ratio of -39.02 and a beta of 2.23.

MP Materials declared that its Board of Directors has initiated a share buyback plan on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to reacquire up to 13.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at MP Materials

In other MP Materials news, CFO Ryan Corbett sold 35,000 shares of MP Materials stock in a transaction on Friday, November 29th. The stock was sold at an average price of $21.50, for a total value of $752,500.00. Following the completion of the sale, the chief financial officer now owns 260,021 shares of the company’s stock, valued at approximately $5,590,451.50. This trade represents a 11.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $5,535,000.00. Following the completion of the sale, the chief executive officer now directly 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 650,195 shares of company stock worth $12,631,569. 12.60% of the stock is owned by insiders.

Institutional Trading of MP Materials

Several large investors have recently modified their holdings of MP. GAMMA Investing LLC grew its holdings 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 worth $39,000 after acquiring an additional 1,285 shares during the period. Nisa Investment Advisors LLC grew its holdings 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 grew its holdings in MP Materials by 817.5% during the third quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock valued at $65,000 after purchasing an additional 3,262 shares during the period. Point72 Hong Kong Ltd bought a new stake in MP Materials during the second quarter valued at about $72,000. Finally, KBC Group NV grew its holdings 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 purchasing an additional 1,246 shares during the period. 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.