MP Materials Corp. (NYSE:MP) CFO Sells $752,500.00 in Stock

MP Materials Corp. (NYSE:MP) CFO Ryan Corbett sold 35,000 shares of the business’s 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 transaction, the chief financial officer now directly owns 260,021 shares in the company, valued at $5,590,451.50. This trade represents a 11.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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 Price Performance

MP stock opened at $21.07 on Friday. The business’s fifty day moving average price is $18.41 and its 200 day moving average price is $15.55. MP Materials Corp. has a 12-month low of $10.02 and a 12-month high of $21.70. 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 PE ratio of -39.02 and a beta of 2.23.

MP Materials announced that its Board of Directors has initiated a stock buyback program on Tuesday, September 3rd that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to buy up to 13.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MP shares. 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 report on Tuesday, October 1st. Benchmark reaffirmed a “buy” rating and set a $30.00 price target on shares of MP Materials in a research report on Friday, August 2nd. Canaccord Genuity Group increased their price objective on MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday. BMO Capital Markets raised their target price on 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, Robert W. Baird upped their price target on MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $22.10.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Captrust Financial Advisors grew its position in shares of MP Materials by 5.0% during the third quarter. Captrust Financial Advisors now owns 11,734 shares of the company’s stock worth $207,000 after buying an additional 557 shares in the last quarter. Cutter & CO Brokerage Inc. lifted its stake in MP Materials by 0.5% in the third quarter. Cutter & CO Brokerage Inc. now owns 190,098 shares of the company’s stock worth $3,355,000 after acquiring an additional 910 shares during the last quarter. Aurora Investment Counsel grew its holdings in MP Materials by 1.7% during the 2nd quarter. Aurora Investment Counsel now owns 66,153 shares of the company’s stock worth $842,000 after acquiring an additional 1,122 shares in the last quarter. Pekin Hardy Strauss Inc. increased its position in shares of MP Materials by 0.4% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 255,495 shares of the company’s stock valued at $4,509,000 after purchasing an additional 1,135 shares during the last quarter. Finally, Evergreen Capital Management LLC raised its holdings in shares of MP Materials by 8.2% in the 2nd quarter. Evergreen Capital Management LLC now owns 16,207 shares of the company’s stock valued at $206,000 after purchasing an additional 1,228 shares in the last quarter. Institutional investors and hedge funds own 52.55% of the company’s stock.

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.