MP Materials (NYSE:MP) Trading 8.4% Higher – Time to Buy?

MP Materials Corp. (NYSE:MP) traded up 8.4% during trading on Wednesday . The company traded as high as $21.06 and last traded at $21.02. 1,516,665 shares traded hands during trading, a decline of 56% from the average session volume of 3,428,180 shares. The stock had previously closed at $19.39.

Analysts Set New Price Targets

MP has been the topic of several recent analyst reports. Robert W. Baird upped their price objective on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Morgan Stanley raised their price objective on MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a report on Thursday, September 19th. BMO Capital Markets upped their target price on MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research note on Friday, October 25th. DA Davidson raised their price target on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Finally, Canaccord Genuity Group upped their price objective on shares of MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.10.

MP Materials Stock Down 1.0 %

The firm has a 50 day moving average price of $18.93 and a two-hundred day moving average price of $16.33. The firm has a market capitalization of $3.42 billion, a price-to-earnings ratio of -38.81 and a beta of 2.31. The company has a current ratio of 6.93, a quick ratio of 6.13 and a debt-to-equity ratio of 0.88.

Insiders Place Their Bets

In related news, CFO Ryan Corbett sold 15,195 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 295,021 shares of the company’s stock, valued at approximately $5,398,884.30. The trade was a 4.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO James H. Litinsky sold 300,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $18.45, for a total transaction of $5,535,000.00. Following the completion of the sale, the chief executive officer now directly owns 18,221,776 shares of the company’s stock, valued at $336,191,767.20. This trade represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 884,862 shares of company stock worth $17,484,482 over the last ninety days. 12.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MP. GAMMA Investing LLC increased its stake in MP Materials by 136.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock worth $39,000 after buying an additional 1,285 shares during the period. Nisa Investment Advisors LLC increased its position in shares of MP Materials by 204.7% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,275 shares of the company’s stock worth $51,000 after acquiring an additional 2,200 shares during the last quarter. Signaturefd LLC lifted its stake in shares of MP Materials by 817.5% in the third quarter. Signaturefd LLC now owns 3,661 shares of the company’s stock worth $65,000 after acquiring an additional 3,262 shares in the last quarter. KBC Group NV boosted its holdings in MP Materials by 35.7% in the third quarter. KBC Group NV now owns 4,733 shares of the company’s stock valued at $84,000 after purchasing an additional 1,246 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new stake in MP Materials during the 2nd quarter valued at approximately $72,000. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

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.