MP Materials (NYSE:MP) Shares Up 9.5% – Here’s Why

MP Materials Corp. (NYSE:MP) shares traded up 9.5% during mid-day trading on Friday . The company traded as high as $17.97 and last traded at $17.94. 1,840,149 shares changed hands during trading, a decline of 17% from the average session volume of 2,223,203 shares. The stock had previously closed at $16.39.

Wall Street Analysts Forecast Growth

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

MP Materials Stock Performance

The stock has a market cap of $2.96 billion, a price-to-earnings ratio of -33.54 and a beta of 2.24. 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 stock’s 50-day moving average is $18.72 and its 200-day moving average is $15.86.

Insider Activity

In other MP Materials news, CFO Ryan Corbett sold 15,195 shares of the company’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 value of $278,068.50. Following the completion of the transaction, the chief financial officer now owns 295,021 shares in the company, valued at $5,398,884.30. This represents a 4.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO James H. Litinsky sold 234,667 shares of MP Materials stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $20.68, for a total transaction of $4,852,913.56. Following the sale, the chief executive officer now owns 17,608,409 shares in the company, valued at $364,141,898.12. This represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 884,862 shares of company stock valued at $17,484,482. Company insiders own 12.60% of the company’s stock.

Institutional Trading of MP Materials

Hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC grew 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 valued at $39,000 after purchasing an additional 1,285 shares in the last quarter. Signaturefd LLC grew its position in shares of 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 buying an additional 3,262 shares in the last quarter. KBC Group NV increased its stake in shares of MP Materials by 35.7% in the third quarter. KBC Group NV now owns 4,733 shares of the company’s stock worth $84,000 after buying an additional 1,246 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in MP Materials in the second quarter valued at $72,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in MP Materials during the 2nd quarter valued at $100,000. 52.55% of the stock is owned by hedge funds and other institutional investors.

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.