MP Materials Corp. (NYSE:MP) CFO Ryan Corbett Sells 35,000 Shares of Stock

MP Materials Corp. (NYSE:MP) CFO Ryan Corbett sold 35,000 shares of the firm’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $21.50, for a total transaction of $752,500.00. Following the transaction, the chief financial officer now directly owns 260,021 shares of the company’s stock, valued at approximately $5,590,451.50. This trade represents a 11.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Ryan Corbett also recently made the following trade(s):

• On Monday, November 18th, Ryan Corbett sold 15,195 shares of MP Materials stock. The stock was sold at an average price of $18.30, for a total value of $278,068.50.

MP Materials Stock Up 1.1 %

MP stock opened at $21.07 on Friday. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $21.70. 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 firm has a 50-day simple moving average of $18.41 and a 200-day simple moving average of $15.55. The stock has a market capitalization of $3.44 billion, a P/E ratio of -39.02 and a beta of 2.23.

MP Materials declared that its Board of Directors has approved a share repurchase plan on Tuesday, September 3rd that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to buy up to 13.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MP shares. Morgan Stanley upped their target price on MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. DA Davidson raised 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. BMO Capital Markets lifted their target price on shares of MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a report on Friday, October 25th. Canaccord Genuity Group increased their price target on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Robert W. Baird lifted their price objective on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.10.

Hedge Funds Weigh In On MP Materials

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Tidal Investments LLC increased its position in shares of MP Materials by 47.5% during the third quarter. Tidal Investments LLC now owns 72,826 shares of the company’s stock worth $1,285,000 after purchasing an additional 23,441 shares in the last quarter. M&T Bank Corp boosted its stake in MP Materials by 82.3% during the 3rd quarter. M&T Bank Corp now owns 46,607 shares of the company’s stock worth $823,000 after purchasing an additional 21,034 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of MP Materials during the third quarter worth $2,300,000. iSAM Funds UK Ltd acquired a new stake in shares of MP Materials in the third quarter valued at about $252,000. Finally, Quadrature Capital Ltd purchased a new position in shares of MP Materials in the third quarter worth about $346,000. 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.