Insider Selling: MP Materials Corp. (NYSE:MP) CFO Sells $278,068.50 in Stock

MP Materials Corp. (NYSE:MP) CFO Ryan Corbett sold 15,195 shares of the business’s 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 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

MP Materials Trading Up 1.2 %

Shares of MP Materials stock opened at $18.24 on Thursday. The company has a 50-day moving average of $17.52 and a two-hundred day moving average of $15.34. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $20.85. 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 stock has a market cap of $2.98 billion, a PE ratio of -33.77 and a beta of 2.23.

MP Materials declared that its board has authorized a stock repurchase plan on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to purchase up to 13.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On MP Materials

Several hedge funds and other institutional investors have recently bought and sold shares of MP. GAMMA Investing LLC increased its position 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 valued at $39,000 after buying an additional 1,285 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in MP Materials by 3,803.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock valued at $52,000 after acquiring an additional 3,956 shares in the last quarter. Signaturefd LLC raised its position in MP Materials by 817.5% during 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 last quarter. Point72 Hong Kong Ltd purchased a new stake in shares of MP Materials in the second quarter valued at about $72,000. Finally, KBC Group NV grew its position in shares of MP Materials by 35.7% in 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 last quarter. 52.55% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MP. Morgan Stanley lifted 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. BMO Capital Markets boosted their price objective on shares of MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research note on Friday, October 25th. Canaccord Genuity Group reduced their target price on shares of MP Materials from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Robert W. Baird boosted their price target on shares of MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.40.

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.