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

MP Materials Corp. (NYSE:MP) has been given a consensus rating of “Moderate Buy” by the ten brokerages that are currently covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $22.10.

Several research firms have recently issued reports on MP. JPMorgan Chase & Co. raised 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. DA Davidson lifted their price objective on shares of MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Robert W. Baird increased their target price 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. BMO Capital Markets lifted their price target 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. Finally, 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 research report on Wednesday, November 27th.

Insiders Place Their Bets

In other MP Materials news, CEO James H. Litinsky sold 234,667 shares of the firm’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $20.68, for a total transaction of $4,852,913.56. Following the transaction, the chief executive officer now owns 17,608,409 shares of the company’s stock, valued at approximately $364,141,898.12. This trade represents a 1.32 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Ryan Corbett sold 15,195 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were 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 owns 295,021 shares of the company’s stock, 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 have sold 884,862 shares of company stock worth $17,484,482 in the last three months. Corporate insiders own 12.60% of the company’s stock.

Hedge Funds Weigh In On MP Materials

Institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC bought a new stake in MP Materials during the second quarter valued at about $194,000. Raymond James & Associates grew its position in shares of MP Materials by 17.0% in the 2nd quarter. Raymond James & Associates now owns 263,939 shares of the company’s stock worth $3,360,000 after buying an additional 38,426 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of 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 acquiring an additional 3,956 shares in the last quarter. Secure Asset Management LLC lifted its position in MP Materials by 4.0% during the second quarter. Secure Asset Management LLC now owns 93,229 shares of the company’s stock valued at $1,187,000 after acquiring an additional 3,590 shares during the last quarter. Finally, Baillie Gifford & Co. boosted its stake in MP Materials by 2.8% in the second quarter. Baillie Gifford & Co. now owns 2,819,743 shares of the company’s stock valued at $35,895,000 after acquiring an additional 76,288 shares in the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

MP Materials Trading Up 1.5 %

MP opened at $16.54 on Wednesday. The stock has a 50-day moving average of $19.03 and a 200 day moving average of $15.79. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88. MP Materials has a 12 month low of $10.02 and a 12 month high of $24.01. The firm has a market cap of $2.70 billion, a P/E ratio of -30.63 and a beta of 2.24.

MP Materials announced that its board has initiated a stock repurchase plan on Tuesday, September 3rd that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 13.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

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.