Ryan Corbett Sells 35,000 Shares of MP Materials Corp. (NYSE:MP) 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 value of $752,500.00. Following the transaction, the chief financial officer now owns 260,021 shares in the company, valued at $5,590,451.50. This trade represents a 11.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 Stock Performance

Shares of NYSE MP traded up $0.23 during midday trading on Friday, reaching $21.07. 1,079,649 shares of the company traded hands, compared to its average volume of 3,202,325. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $21.70. The stock has a 50-day moving average price of $18.41 and a 200 day moving average price of $15.55. 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 company has a market cap of $3.44 billion, a price-to-earnings ratio of -39.02 and a beta of 2.23.

MP Materials declared that its board has initiated a share repurchase program on Tuesday, September 3rd that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 13.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

MP has been the topic of several research analyst reports. Benchmark restated a “buy” rating and set a $30.00 price objective on shares of MP Materials in a research note on Friday, August 2nd. BMO Capital Markets raised 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. Morgan Stanley raised their target price 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. DA Davidson raised their target price on MP Materials from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Finally, JPMorgan Chase & Co. raised their target price 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 company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.10.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MP. GAMMA Investing LLC grew its holdings in MP Materials by 136.0% during the third quarter. GAMMA Investing LLC now owns 2,230 shares of the company’s stock worth $39,000 after acquiring an additional 1,285 shares during the period. Nisa Investment Advisors LLC grew its holdings in MP Materials by 3,803.8% during the second 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 during the period. Signaturefd LLC grew its holdings in MP Materials by 817.5% during 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 during the period. Point72 Hong Kong Ltd acquired a new position in MP Materials during the second quarter worth about $72,000. Finally, KBC Group NV grew its holdings in MP Materials by 35.7% during the third quarter. KBC Group NV now owns 4,733 shares of the company’s stock worth $84,000 after acquiring an additional 1,246 shares during the period. 52.55% of the stock is owned by institutional investors and hedge funds.

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.