MP Materials Corp. (NYSE:MP) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of MP Materials Corp. (NYSE:MP) have been assigned a consensus rating of “Moderate Buy” from the ten research firms that are covering the company, MarketBeat reports. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $22.10.

Several analysts have commented on the stock. Morgan Stanley boosted their price target on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 19th. Canaccord Genuity Group boosted their target price on MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Robert W. Baird raised their price target on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 27th. JPMorgan Chase & Co. raised their target price 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. Finally, DA Davidson upped their price target on shares of MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st.

Insider Buying and Selling

In related news, CEO James H. Litinsky sold 234,667 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $20.68, for a total transaction of $4,852,913.56. Following the completion of the transaction, the chief executive officer now owns 17,608,409 shares in the company, valued at $364,141,898.12. The trade was a 1.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Ryan Corbett sold 35,000 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $21.50, for a total value of $752,500.00. Following the completion of the sale, the chief financial officer now owns 260,021 shares in the company, valued at approximately $5,590,451.50. The trade was a 11.86 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 884,862 shares of company stock valued at $17,484,482. Company insiders own 12.60% of the company’s stock.

Institutional Investors Weigh In On MP Materials

Several large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new stake in shares of MP Materials in the 2nd quarter worth $194,000. Raymond James & Associates lifted its stake in MP Materials by 17.0% in the second quarter. Raymond James & Associates now owns 263,939 shares of the company’s stock worth $3,360,000 after acquiring an additional 38,426 shares during the period. Nisa Investment Advisors LLC grew its holdings in MP Materials by 3,803.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company’s stock worth $52,000 after acquiring an additional 3,956 shares in the last quarter. Secure Asset Management LLC increased its position in MP Materials by 4.0% during the 2nd quarter. Secure Asset Management LLC now owns 93,229 shares of the company’s stock valued at $1,187,000 after purchasing an additional 3,590 shares during the period. Finally, Baillie Gifford & Co. raised its holdings in shares of MP Materials by 2.8% in the 2nd quarter. Baillie Gifford & Co. now owns 2,819,743 shares of the company’s stock valued at $35,895,000 after purchasing an additional 76,288 shares in the last quarter. 52.55% of the stock is owned by hedge funds and other institutional investors.

MP Materials Trading Down 2.1 %

MP Materials stock opened at $15.84 on Wednesday. The company has a debt-to-equity ratio of 0.88, a current ratio of 6.93 and a quick ratio of 6.13. The firm’s 50 day moving average price is $19.08 and its 200-day moving average price is $15.77. MP Materials has a 1 year low of $10.02 and a 1 year high of $24.01. The stock has a market cap of $2.59 billion, a P/E ratio of -29.33 and a beta of 2.24.

MP Materials announced that its board has initiated a stock buyback program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the company to buy up to 13.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are 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.