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

MP Materials Corp. (NYSE:MP) CEO James H. Litinsky sold 300,000 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $20.22, for a total value of $6,066,000.00. Following the completion of the sale, the chief executive officer now directly owns 18,043,076 shares in the company, valued at approximately $364,830,996.72. This represents a 1.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

MP Materials Trading Up 1.1 %

Shares of MP stock traded up $0.23 on Friday, hitting $21.07. The company had a trading volume of 1,079,649 shares, compared to its average volume of 3,202,325. MP Materials Corp. has a twelve month low of $10.02 and a twelve month high of $21.70. 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 firm has a market cap of $3.44 billion, a P/E ratio of -39.02 and a beta of 2.23. The stock’s 50-day moving average is $18.41 and its two-hundred day moving average is $15.55.

MP Materials declared that its Board of Directors has initiated a share buyback program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 13.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On MP Materials

A number of institutional investors have recently modified their holdings of MP. Vanguard Group Inc. grew its position in shares of MP Materials by 1.7% during 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 period. Price T Rowe Associates Inc. MD increased its stake in MP Materials by 2,536.8% in the first 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 in the last quarter. Comerica Bank raised its holdings in shares of MP Materials by 16.7% during the first quarter. Comerica Bank now owns 71,564 shares of the company’s stock valued at $1,023,000 after purchasing an additional 10,264 shares during the period. Virtu Financial LLC acquired a new stake in shares of MP Materials in the 1st quarter valued at about $356,000. Finally, Teachers Retirement System of The State of Kentucky increased its position in MP Materials by 12.4% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 47,179 shares of the company’s stock valued at $675,000 after buying an additional 5,200 shares in the last quarter. 52.55% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MP shares. DA Davidson raised their price objective on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Deutsche Bank Aktiengesellschaft decreased their price target 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. JPMorgan Chase & Co. increased their price objective on shares of MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Morgan Stanley upped their price target on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. Finally, Benchmark reissued a “buy” rating and set a $30.00 price objective on shares of MP Materials in a report on Friday, August 2nd. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.10.

MP Materials Company Profile

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.