Ryan Corbett Sells 15,195 Shares of MP Materials Corp. (NYSE:MP) Stock

MP Materials Corp. (NYSE:MP) CFO Ryan Corbett sold 15,195 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $18.30, for a total transaction of $278,068.50. Following the completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

MP Materials Price Performance

Shares of MP stock traded up $0.07 on Monday, reaching $18.36. The company had a trading volume of 1,827,253 shares, compared to its average volume of 3,245,579. The stock has a market capitalization of $3.04 billion, a PE ratio of -33.99 and a beta of 2.23. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. MP Materials Corp. has a one year low of $10.02 and a one year high of $20.85. The business’s 50-day moving average is $17.35 and its 200 day moving average is $15.30.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its holdings in MP Materials by 136.0% in the 3rd 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 during the last quarter. Nisa Investment Advisors LLC raised 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 worth $52,000 after purchasing an additional 3,956 shares during the last quarter. Signaturefd LLC raised its holdings in MP Materials by 817.5% during the 3rd quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock worth $65,000 after purchasing an additional 3,262 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in MP Materials during the 2nd quarter worth approximately $72,000. Finally, KBC Group NV raised its holdings in MP Materials by 35.7% during the 3rd quarter. KBC Group NV now owns 4,733 shares of the company’s stock worth $84,000 after purchasing an additional 1,246 shares during the last quarter. Institutional investors own 52.55% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MP shares. Morgan Stanley upped 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 report on Thursday, September 19th. JPMorgan Chase & Co. increased their price objective 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. Deutsche Bank Aktiengesellschaft dropped their price objective 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. Robert W. Baird upped their price target on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Finally, Benchmark restated a “buy” rating and issued a $30.00 price target on shares of MP Materials in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, MP Materials presently 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.