MP Materials (NYSE:MP) Sets New 52-Week High – Still a Buy?

MP Materials Corp. (NYSE:MP)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $24.82 and last traded at $24.80, with a volume of 1573870 shares traded. The stock had previously closed at $23.94.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Canaccord Genuity Group increased their price target on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. BMO Capital Markets increased their target price on shares of MP Materials from $19.50 to $22.00 and gave the stock a “market perform” rating in a research note on Monday, January 27th. Finally, JPMorgan Chase & Co. boosted their price target on shares of MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.45.

MP Materials Stock Performance

The business has a fifty day moving average of $19.84 and a 200-day moving average of $17.37. The company has a market cap of $3.94 billion, a PE ratio of -44.72 and a beta of 2.34. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88.

Insider Transactions at MP Materials

In related news, CFO Ryan Corbett sold 15,195 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $18.30, for a total value of $278,068.50. Following the completion of the transaction, the chief financial officer now directly owns 295,021 shares in the company, valued at $5,398,884.30. This trade represents a 4.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James H. Litinsky sold 386,223 shares of the business’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $24.01, for a total transaction of $9,273,214.23. Following the sale, the chief executive officer now directly owns 15,643,076 shares in the company, valued at $375,590,254.76. The trade was a 2.41 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,271,085 shares of company stock valued at $26,757,696. Company insiders own 12.60% of the company’s stock.

Institutional Investors Weigh In On MP Materials

Hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its stake 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 buying an additional 1,285 shares in the last quarter. Creative Planning lifted its position in MP Materials by 219.0% in the 3rd quarter. Creative Planning now owns 46,871 shares of the company’s stock valued at $827,000 after acquiring an additional 32,176 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in MP Materials by 2.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 62,964 shares of the company’s stock valued at $1,111,000 after purchasing an additional 1,436 shares during the last quarter. Secure Asset Management LLC increased its holdings in shares of MP Materials by 8.5% in the 3rd quarter. Secure Asset Management LLC now owns 101,125 shares of the company’s stock worth $1,785,000 after purchasing an additional 7,896 shares in the last quarter. Finally, Everence Capital Management Inc. purchased a new position in shares of MP Materials in the third quarter worth $313,000. 52.55% of the stock is 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.