MP Materials (NYSE:MP) Trading 8.4% Higher – Here’s Why

MP Materials Corp. (NYSE:MP) traded up 8.4% during mid-day trading on Wednesday . The company traded as high as $21.06 and last traded at $21.02. 1,516,665 shares changed hands during mid-day 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 subject of several research analyst reports. Robert W. Baird upped their price target on shares of MP Materials from $20.00 to $25.00 and gave the company an “outperform” rating in a research report on Friday, September 27th. JPMorgan Chase & Co. raised their price objective on shares of MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Morgan Stanley boosted their target price on shares of MP Materials from $13.50 to $16.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 19th. Canaccord Genuity Group raised their price target on shares of MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Finally, DA Davidson upped their price objective on shares of MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Four equities research 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 currently has a consensus rating of “Moderate Buy” and an average price target of $22.10.

MP Materials Trading Up 7.9 %

The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. The company has a 50-day moving average price of $18.89 and a 200-day moving average price of $16.27. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of -38.76 and a beta of 2.31.

Insider Activity at MP Materials

In related news, CFO Ryan Corbett sold 35,000 shares of MP Materials stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $21.50, for a total transaction of $752,500.00. Following the sale, the chief financial officer now directly owns 260,021 shares of the company’s stock, valued at $5,590,451.50. This trade represents a 11.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO James H. Litinsky sold 300,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $18.45, for a total value of $5,535,000.00. Following the completion of the transaction, the chief executive officer now directly owns 18,221,776 shares of the company’s stock, valued at approximately $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 in the last 90 days. 12.60% of the stock is owned by company insiders.

Institutional Trading of MP Materials

Institutional investors have recently modified their holdings of the company. Segall Bryant & Hamill LLC lifted its position in MP Materials by 32.7% in the third quarter. Segall Bryant & Hamill LLC now owns 1,245,796 shares of the company’s stock worth $21,988,000 after purchasing an additional 306,933 shares during the period. Quest Partners LLC raised its stake in shares of MP Materials by 806.0% in the 3rd quarter. Quest Partners LLC now owns 42,944 shares of the company’s stock valued at $758,000 after buying an additional 38,204 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of MP Materials during the 3rd quarter worth about $2,300,000. Principal Financial Group Inc. boosted its position in shares of MP Materials by 35.7% during the 3rd quarter. Principal Financial Group Inc. now owns 604,892 shares of the company’s stock valued at $10,676,000 after acquiring an additional 159,200 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in MP Materials in the second quarter valued at about $959,000. Institutional investors and hedge funds own 52.55% of the company’s stock.

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.