MP Materials (NYSE:MP) Shares Gap Up – Here’s What Happened

MP Materials Corp. (NYSE:MP)’s share price gapped up prior to trading on Monday . The stock had previously closed at $18.20, but opened at $19.25. MP Materials shares last traded at $19.55, with a volume of 1,010,044 shares.

Analyst Ratings Changes

MP has been the subject of a number of recent analyst reports. BMO Capital Markets increased their target price on shares of MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. increased their price objective on shares of MP Materials from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Robert W. Baird boosted their target price on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a report on Friday, September 27th. Canaccord Genuity Group increased their price target on MP Materials from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, DA Davidson lifted their price objective on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.10.

MP Materials Trading Down 5.5 %

The company has a debt-to-equity ratio of 0.88, a quick ratio of 6.13 and a current ratio of 6.93. The business has a 50 day moving average of $18.78 and a two-hundred day moving average of $16.03. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of -36.00 and a beta of 2.31.

Insider Buying and Selling at MP Materials

In other news, CFO Ryan Corbett sold 35,000 shares of the company’s stock in a transaction on Friday, November 29th. The shares were 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 $5,590,451.50. This represents a 11.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO James H. Litinsky sold 300,000 shares of the stock in a transaction dated 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 owns 18,221,776 shares of the company’s stock, valued at approximately $336,191,767.20. This represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 884,862 shares of company stock worth $17,484,482. 12.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MP Materials

Institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC grew its position in MP Materials by 425.5% during the second quarter. Millennium Management LLC now owns 801,328 shares of the company’s stock valued at $10,201,000 after buying an additional 648,838 shares during the period. Bank of Montreal Can grew its stake 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 worth $11,462,000 after acquiring an additional 586,906 shares during the period. Segall Bryant & Hamill LLC grew its stake in MP Materials by 32.7% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock valued at $21,988,000 after buying an additional 306,933 shares in the last quarter. Public Sector Pension Investment Board bought a new stake in MP Materials during the 3rd quarter valued at $4,584,000. Finally, Bernzott Capital Advisors lifted its position in shares of MP Materials by 43.4% during the third quarter. Bernzott Capital Advisors now owns 689,270 shares of the company’s stock worth $12,166,000 after acquiring an additional 208,586 shares in the last quarter. 52.55% of the stock is owned by 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.