MP Materials (NYSE:MP) Stock Price Down 3.8% Following Insider Selling

Shares of MP Materials Corp. (NYSE:MP) traded down 3.8% on Wednesday following insider selling activity. The company traded as low as $22.22 and last traded at $22.23. 1,740,037 shares traded hands during trading, a decline of 46% from the average session volume of 3,234,927 shares. The stock had previously closed at $23.11.

Specifically, CEO James H. Litinsky sold 234,667 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $20.68, for a total value of $4,852,913.56. Following the completion of the transaction, the chief executive officer now owns 17,608,409 shares of the company’s stock, valued at $364,141,898.12. The trade was a 1.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Ryan Corbett sold 35,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $21.50, for a total transaction of $752,500.00. Following the transaction, the chief financial officer now owns 260,021 shares of the company’s stock, valued at approximately $5,590,451.50. This represents a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CEO James H. Litinsky sold 300,000 shares of MP Materials stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $20.22, for a total value of $6,066,000.00. Following the transaction, the chief executive officer now owns 18,043,076 shares in the company, valued at approximately $364,830,996.72. This trade represents a 1.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

MP has been the topic of several research analyst reports. Morgan Stanley raised their price objective on MP Materials from $13.50 to $16.00 and gave the company an “equal weight” rating in a research note on Thursday, September 19th. BMO Capital Markets lifted their price target 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. DA Davidson increased their price objective 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. Canaccord Genuity Group boosted their target price on shares of MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, JPMorgan Chase & Co. increased their price target on MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, MP Materials currently has an average rating of “Moderate Buy” and an average target price of $22.10.

MP Materials Stock Down 5.3 %

The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of -37.06 and a beta of 2.24. 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 stock has a fifty day moving average of $18.84 and a two-hundred day moving average of $15.64.

MP Materials declared that its Board of Directors has initiated a share buyback program on Tuesday, September 3rd that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to purchase up to 13.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On MP Materials

Several large investors have recently modified their holdings of the company. Millennium Management LLC increased its holdings in MP Materials by 425.5% in the second quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock worth $10,201,000 after purchasing an additional 648,838 shares in the last quarter. Bank of Montreal Can lifted its position in shares of MP Materials by 188.1% during the 2nd quarter. Bank of Montreal Can now owns 898,960 shares of the company’s stock valued at $11,462,000 after acquiring an additional 586,906 shares during the period. Pinnacle Associates Ltd. grew its holdings in MP Materials by 151.1% in the second quarter. Pinnacle Associates Ltd. now owns 815,561 shares of the company’s stock worth $10,382,000 after purchasing an additional 490,767 shares during the period. Regal Partners Ltd increased its stake in MP Materials by 275.4% in the second quarter. Regal Partners Ltd now owns 464,016 shares of the company’s stock valued at $5,907,000 after purchasing an additional 340,426 shares in the last quarter. Finally, Segall Bryant & Hamill LLC raised its holdings in shares of MP Materials by 32.7% during the third quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock valued at $21,988,000 after purchasing an additional 306,933 shares during the period. 52.55% of the stock is currently owned by institutional investors and hedge funds.

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.