MP Materials Corp. (NYSE:MP) CEO James H. Litinsky Sells 300,000 Shares of Stock

MP Materials Corp. (NYSE:MP) CEO James H. Litinsky sold 300,000 shares of MP Materials stock in a transaction on Monday, November 18th. The shares were sold at an average price of $18.45, for a total value of $5,535,000.00. Following the completion of the transaction, the chief executive officer now owns 18,221,776 shares of the company’s stock, valued at approximately $336,191,767.20. This trade represents a 1.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

MP Materials Stock Up 0.4 %

Shares of MP traded up $0.07 during mid-day trading 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. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $20.85. The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93. 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 firm has a 50-day moving average price of $17.35 and a 200 day moving average price of $15.30.

MP Materials announced that its board has approved a share repurchase program on Tuesday, September 3rd that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 13.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts recently weighed in on MP shares. Deutsche Bank Aktiengesellschaft decreased their target price on shares of MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Robert W. Baird upped their target price on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. BMO Capital Markets lifted their price objective on MP Materials from $16.00 to $18.50 and gave the stock a “market perform” rating in a report on Friday, October 25th. 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 report on Thursday, September 19th. Finally, JPMorgan Chase & Co. lifted their price target 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. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $21.40.

Hedge Funds Weigh In On MP Materials

Several institutional investors and hedge funds have recently modified their holdings of MP. Mirae Asset Global Investments Co. Ltd. boosted its holdings in MP Materials by 11.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,796 shares of the company’s stock worth $269,000 after purchasing an additional 1,942 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of MP Materials by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 13,861,266 shares of the company’s stock worth $198,216,000 after buying an additional 225,554 shares during the last quarter. Clearbridge Investments LLC grew its holdings in shares of 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 acquiring an additional 15,851 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its position 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 acquiring an additional 23,903 shares during the last quarter. Finally, LGT Group Foundation lifted its holdings in MP Materials by 5.1% in the first quarter. LGT Group Foundation now owns 238,715 shares of the company’s stock valued at $3,414,000 after acquiring an additional 11,491 shares during the period. 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.