MP Materials Corp. (NYSE:MP - Get Free Report) CFO Ryan Corbett sold 15,195 shares of MP Materials stock in a transaction on 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 of the company's stock, valued at approximately $5,398,884.30. This trade represents a 4.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
MP Materials Trading Up 0.4 %
NYSE:MP opened at $18.36 on Tuesday. 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's 50 day simple moving average is $17.35 and its 200-day simple moving average is $15.30. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $20.85. The firm has a market cap of $3.04 billion, a P/E ratio of -33.99 and a beta of 2.23.
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MP Materials declared that its Board of Directors has approved a share buyback program on Tuesday, September 3rd that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to buy up to 13.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its shares are undervalued.
Institutional Trading of MP Materials
Hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in MP Materials by 2,536.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company's stock worth $23,767,000 after purchasing an additional 1,598,861 shares in the last quarter. Millennium Management LLC increased its position in MP Materials by 425.5% during the 2nd quarter. Millennium Management LLC now owns 801,328 shares of the company's stock worth $10,201,000 after purchasing an additional 648,838 shares during the period. Bank of Montreal Can raised its stake in shares of MP Materials by 188.1% during the 2nd quarter. Bank of Montreal Can now owns 898,960 shares of the company's stock worth $11,462,000 after buying an additional 586,906 shares in the last quarter. Pinnacle Associates Ltd. lifted its holdings in shares of MP Materials by 151.1% in the 2nd quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company's stock valued at $10,382,000 after buying an additional 490,767 shares during the period. Finally, Regal Partners Ltd boosted its stake in shares of MP Materials by 275.4% in the second quarter. Regal Partners Ltd now owns 464,016 shares of the company's stock valued at $5,907,000 after buying an additional 340,426 shares in the last quarter. Institutional investors and hedge funds own 52.55% of the company's stock.
Analysts Set New Price Targets
Several brokerages have recently issued reports on MP. Morgan Stanley lifted their price objective 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. Deutsche Bank Aktiengesellschaft dropped their target price on shares of MP Materials from $13.50 to $12.50 and set a "hold" rating on the stock in a research report on Tuesday, August 6th. Benchmark reissued a "buy" rating and issued a $30.00 price target on shares of MP Materials in a research report on Friday, August 2nd. Robert W. Baird raised their price objective on MP Materials from $20.00 to $25.00 and gave the stock an "outperform" rating in a report on Friday, September 27th. Finally, BMO Capital Markets boosted their target price on MP Materials from $16.00 to $18.50 and gave the company a "market perform" rating in a report on Friday, October 25th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $21.40.
Get Our Latest Stock Report on MP
About MP Materials
(
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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.
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