Analysts Set MP Materials Corp. (NYSE:MP) Price Target at $22.10

Shares of MP Materials Corp. (NYSE:MP) have received a consensus recommendation of “Moderate Buy” from the ten analysts that are presently covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $22.10.

Several equities analysts recently commented on the company. Robert W. Baird upped 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. Canaccord Genuity Group increased their price objective 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. JPMorgan Chase & Co. boosted their target price on shares of MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Morgan Stanley boosted their price objective on shares of 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, DA Davidson increased their target price on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st.

MP Materials Stock Down 2.1 %

MP stock opened at $15.84 on Wednesday. MP Materials has a one year low of $10.02 and a one year high of $24.01. The stock has a market capitalization of $2.59 billion, a P/E ratio of -29.33 and a beta of 2.24. The company has a 50 day moving average price of $19.08 and a two-hundred day moving average price of $15.77. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93.

MP Materials declared that its Board of Directors has approved a share repurchase program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 13.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at MP Materials

In related news, CEO James H. Litinsky sold 300,000 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $20.22, for a total value of $6,066,000.00. Following the completion of the sale, the chief executive officer now directly owns 18,043,076 shares of the company’s stock, valued at $364,830,996.72. The trade was a 1.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Ryan Corbett sold 15,195 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $18.30, for a total value of $278,068.50. Following the transaction, the chief financial officer now directly owns 295,021 shares in the company, valued at approximately $5,398,884.30. This represents a 4.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 884,862 shares of company stock valued at $17,484,482 in the last ninety days. Insiders own 12.60% of the company’s stock.

Hedge Funds Weigh In On MP Materials

Several large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in MP Materials in the second quarter valued at approximately $194,000. Raymond James & Associates lifted its position in MP Materials by 17.0% in the 2nd quarter. Raymond James & Associates now owns 263,939 shares of the company’s stock valued at $3,360,000 after purchasing an additional 38,426 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in 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. Secure Asset Management LLC boosted its stake in MP Materials by 4.0% during the 2nd quarter. Secure Asset Management LLC now owns 93,229 shares of the company’s stock valued at $1,187,000 after purchasing an additional 3,590 shares during the period. Finally, Baillie Gifford & Co. grew its holdings in MP Materials by 2.8% in the 2nd quarter. Baillie Gifford & Co. now owns 2,819,743 shares of the company’s stock worth $35,895,000 after buying an additional 76,288 shares in the last quarter. 52.55% of the stock is currently owned by institutional investors.

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.