Canaccord Genuity Group Issues Positive Forecast for MP Materials (NYSE:MP) Stock Price

MP Materials (NYSE:MP) had its price objective lifted by Canaccord Genuity Group from $23.00 to $26.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts also recently commented on MP. DA Davidson boosted their target price on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Morgan Stanley upped their price objective on MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research report on Thursday, September 19th. Robert W. Baird upped their price objective on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. Deutsche Bank Aktiengesellschaft decreased their price objective on MP Materials from $13.50 to $12.50 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. Finally, Benchmark restated a “buy” rating and set a $30.00 price objective on shares of MP Materials in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.10.

MP Materials Price Performance

NYSE:MP opened at $21.07 on Wednesday. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $3.44 billion, a P/E ratio of -39.02 and a beta of 2.23. MP Materials has a 12 month low of $10.02 and a 12 month high of $21.70. The business’s 50-day moving average is $18.41 and its 200 day moving average is $15.55.

MP Materials declared that its Board of Directors has initiated a stock 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 buy up to 13.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other MP Materials news, CFO Ryan Corbett sold 15,195 shares of the company’s stock in a transaction on Monday, November 18th. The stock was 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 in the company, valued at $5,398,884.30. This represents a 4.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO James H. Litinsky sold 300,000 shares of the company’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $18.45, for a total value 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 represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 650,195 shares of company stock valued at $12,631,569 over the last quarter. 12.60% of the stock is owned by corporate insiders.

Institutional Trading of MP Materials

A number of hedge funds have recently bought and sold shares of MP. Vanguard Group Inc. lifted its holdings in MP Materials by 1.7% during the first 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 lifted its holdings in shares of MP Materials by 2,536.8% during the 1st 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 during the last quarter. Comerica Bank lifted its holdings in shares of MP Materials by 16.7% during the 1st 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 last quarter. Virtu Financial LLC purchased a new stake in shares of MP Materials during the 1st quarter valued at $356,000. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in shares of MP Materials by 12.4% during 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 purchasing an additional 5,200 shares during the last quarter. Hedge funds and other institutional investors own 52.55% of the company’s stock.

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.