Insider Selling: MP Materials Corp. (NYSE:MP) CEO Sells $6,066,000.00 in Stock

MP Materials Corp. (NYSE:MP) CEO James H. Litinsky sold 300,000 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $20.22, for a total transaction of $6,066,000.00. Following the completion of the transaction, the chief executive officer now directly owns 18,043,076 shares in the company, valued at $364,830,996.72. The trade was a 1.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

MP Materials Stock Performance

Shares of MP stock opened at $21.07 on Monday. MP Materials Corp. has a 12 month low of $10.02 and a 12 month high of $21.70. 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 company has a market cap of $3.44 billion, a P/E ratio of -39.02 and a beta of 2.23. The firm has a fifty day moving average price of $18.41 and a 200 day moving average price of $15.51.

MP Materials declared that its board has approved a share repurchase plan on Tuesday, September 3rd that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 13.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. DA Davidson boosted their price target on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Canaccord Genuity Group upped their price target on MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. lifted their price objective on MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. BMO Capital Markets increased their target price on MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research note on Friday, October 25th. Finally, Morgan Stanley boosted their price target on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.10.

Institutional Investors Weigh In On MP Materials

Several hedge funds and other institutional investors have recently made changes to their positions in MP. GAMMA Investing LLC raised its stake in MP Materials by 136.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock worth $39,000 after acquiring an additional 1,285 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of MP Materials by 3,803.8% in the 2nd 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 last quarter. Signaturefd LLC boosted its position in shares of MP Materials by 817.5% in the 3rd 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 acquired a new position in MP Materials during the second quarter worth approximately $72,000. Finally, KBC Group NV lifted its stake in 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 buying an additional 1,246 shares during the last quarter. Institutional investors and hedge funds 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.