MP Materials Corp. (NYSE:MP) CEO Sells $5,535,000.00 in Stock

MP Materials Corp. (NYSE:MP) CEO James H. Litinsky sold 300,000 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $18.45, for a total transaction of $5,535,000.00. Following the sale, the chief executive officer now directly owns 18,221,776 shares of the company’s stock, valued at approximately $336,191,767.20. The trade was a 1.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

MP Materials Price Performance

MP stock traded up $0.07 during mid-day trading on Monday, hitting $18.36. The company had a trading volume of 1,827,253 shares, compared to its average volume of 3,245,579. The company has a 50-day moving average price of $17.35 and a 200 day moving average price of $15.30. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $20.85. The company has a market capitalization of $3.04 billion, a price-to-earnings 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 announced that its board 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 repurchase up to 13.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On MP Materials

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MP. Mirae Asset Global Investments Co. Ltd. increased its stake in MP Materials by 11.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,796 shares of the company’s stock worth $269,000 after acquiring an additional 1,942 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of MP Materials by 1.7% in the first quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company’s stock valued at $198,216,000 after purchasing an additional 225,554 shares in the last quarter. Clearbridge Investments LLC increased its position in MP Materials by 2.4% in the first quarter. Clearbridge Investments LLC now owns 671,021 shares of the company’s stock worth $9,596,000 after purchasing an additional 15,851 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in MP Materials by 14.5% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 188,828 shares of the company’s stock valued at $2,700,000 after purchasing an additional 23,903 shares in the last quarter. Finally, LGT Group Foundation lifted its position in MP Materials by 5.1% during the first quarter. LGT Group Foundation now owns 238,715 shares of the company’s stock valued at $3,414,000 after purchasing an additional 11,491 shares during the last quarter. 52.55% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the company. Morgan Stanley upped their price target on MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. BMO Capital Markets raised their target price on shares of MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Canaccord Genuity Group decreased their price objective on shares of MP Materials from $20.00 to $19.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Finally, DA Davidson upped their target price on shares of MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, MP Materials has a consensus 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.