By otakuyassine3@gmail.com 
Shares of MP Materials Corp. (NYSE:MP – Get Free Report) have received a consensus recommendation of “Moderate Buy” from the ten research firms that are presently covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $22.10.
Several research analysts have recently weighed in on MP shares. Robert W. Baird boosted their price target on MP Materials from $20.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, September 27th. JPMorgan Chase & Co. boosted their target price on MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Morgan Stanley upped their target price on shares of MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. 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, DA Davidson increased their price objective on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st.
Read Our Latest Research Report on MP Materials
Insider Transactions at MP Materials
In related news, CEO James H. Litinsky sold 300,000 shares of MP Materials stock in a transaction that occurred on Monday, November 18th. The stock was 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Ryan Corbett sold 15,195 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $18.30, for a total value of $278,068.50. Following the completion of the transaction, the chief financial officer now owns 295,021 shares of the company’s stock, valued at $5,398,884.30. The trade was a 4.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 884,862 shares of company stock valued at $17,484,482 over the last quarter. 12.60% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On MP Materials
Several institutional investors and hedge funds have recently modified their holdings of the stock. Segall Bryant & Hamill LLC increased its holdings in shares of MP Materials by 32.7% in the third quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock worth $21,988,000 after purchasing an additional 306,933 shares during the last quarter. Quest Partners LLC grew its holdings in MP Materials by 806.0% during the 3rd quarter. Quest Partners LLC now owns 42,944 shares of the company’s stock valued at $758,000 after buying an additional 38,204 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in MP Materials in the 3rd quarter worth approximately $2,300,000. Principal Financial Group Inc. raised its holdings in shares of MP Materials by 35.7% during the 3rd quarter. Principal Financial Group Inc. now owns 604,892 shares of the company’s stock worth $10,676,000 after acquiring an additional 159,200 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of MP Materials during the 2nd quarter valued at approximately $959,000. Institutional investors own 52.55% of the company’s stock.
MP Materials Price Performance
Shares of NYSE MP opened at $16.54 on Wednesday. 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 has a twelve month low of $10.02 and a twelve month high of $24.01. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. The company has a 50 day moving average of $19.03 and a 200 day moving average of $15.79.
MP Materials announced that its board has initiated a stock buyback plan on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to buy up to 13.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is 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.
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