Insider Selling: MP Materials Corp. (NYSE:MP) CFO Sells $846,500.00 in Stock

MP Materials Corp. (NYSE:MPGet Free Report) CFO Ryan Corbett sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $16.93, for a total value of $846,500.00. Following the sale, the chief financial officer now owns 325,021 shares in the company, valued at $5,502,605.53. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

MP Materials Price Performance

Shares of NYSE MP opened at $15.97 on Friday. MP Materials Corp. has a fifty-two week low of $12.68 and a fifty-two week high of $26.53. The business has a 50 day moving average price of $16.15 and a two-hundred day moving average price of $16.39. The company has a quick ratio of 9.28, a current ratio of 10.29 and a debt-to-equity ratio of 0.82. The firm has a market cap of $2.64 billion, a PE ratio of -106.46 and a beta of 2.31.

MP Materials (NYSE:MPGet Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). The business had revenue of $48.68 million for the quarter, compared to analyst estimates of $46.00 million. MP Materials had a net margin of 1.62% and a negative return on equity of 0.61%. Sell-side analysts expect that MP Materials Corp. will post -0.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MP. Vanguard Group Inc. grew its position in shares of MP Materials by 25.3% in the 3rd quarter. Vanguard Group Inc. now owns 13,380,831 shares of the company’s stock worth $255,574,000 after acquiring an additional 2,697,925 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in MP Materials by 2,536.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,661,887 shares of the company’s stock valued at $23,767,000 after purchasing an additional 1,598,861 shares during the period. Dimensional Fund Advisors LP boosted its position in MP Materials by 59.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,314,985 shares of the company’s stock valued at $45,956,000 after purchasing an additional 860,960 shares during the period. Baillie Gifford & Co. boosted its position in MP Materials by 26.2% during the 4th quarter. Baillie Gifford & Co. now owns 2,960,001 shares of the company’s stock valued at $58,756,000 after purchasing an additional 614,088 shares during the period. Finally, Norges Bank acquired a new position in MP Materials during the 4th quarter valued at approximately $10,484,000. Institutional investors and hedge funds own 52.55% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Morgan Stanley downgraded MP Materials from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $26.00 to $15.50 in a report on Wednesday, March 13th. JPMorgan Chase & Co. downgraded MP Materials from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $20.00 to $16.00 in a report on Tuesday, April 23rd. Jefferies Financial Group dropped their target price on MP Materials from $36.00 to $28.00 and set a “buy” rating on the stock in a report on Tuesday, March 19th. Canaccord Genuity Group dropped their target price on MP Materials from $23.00 to $22.00 and set a “buy” rating on the stock in a report on Wednesday, March 13th. Finally, Benchmark reiterated a “buy” rating and set a $30.00 target price on shares of MP Materials in a report on Tuesday, May 14th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.64.

View Our Latest Stock Analysis on MP Materials

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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