Charles Schwab Investment Management Inc. Sells 300,874 Shares of MP Materials Corp. (NYSE:MP)

Charles Schwab Investment Management Inc. decreased its position in MP Materials Corp. (NYSE:MP - Free Report) by 24.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 935,007 shares of the company's stock after selling 300,874 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.57% of MP Materials worth $16,503,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in MP Materials by 136.0% in the third quarter. GAMMA Investing LLC now owns 2,230 shares of the company's stock valued at $39,000 after acquiring an additional 1,285 shares in the last quarter. Nisa Investment Advisors LLC increased its position in shares of MP Materials by 3,803.8% during the second quarter. Nisa Investment Advisors LLC now owns 4,060 shares of the company's stock valued at $52,000 after buying an additional 3,956 shares during the period. Signaturefd LLC raised its stake in MP Materials by 817.5% in 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. Point72 Hong Kong Ltd purchased a new stake in MP Materials in the second quarter worth about $72,000. Finally, KBC Group NV lifted its stake in shares of MP Materials by 35.7% in the 3rd quarter. KBC Group NV now owns 4,733 shares of the company's stock valued at $84,000 after purchasing an additional 1,246 shares during the period. 52.55% of the stock is currently owned by hedge funds and other institutional investors.

MP Materials Stock Down 1.4 %

Shares of MP Materials stock traded down $0.29 on Friday, reaching $19.72. The company's stock had a trading volume of 2,118,943 shares, compared to its average volume of 2,958,919. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of -36.52 and a beta of 2.24. The company has a quick ratio of 6.13, a current ratio of 6.93 and a debt-to-equity ratio of 0.88. MP Materials Corp. has a 52 week low of $10.02 and a 52 week high of $24.01. The firm's fifty day simple moving average is $18.87 and its two-hundred day simple moving average is $15.64.

MP Materials announced that its Board of Directors has approved a share buyback plan on Tuesday, September 3rd that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to purchase up to 13.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO James H. Litinsky sold 300,000 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $18.45, for a total transaction of $5,535,000.00. Following the transaction, the chief executive officer now directly owns 18,221,776 shares of the company's stock, valued at $336,191,767.20. This represents a 1.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Ryan Corbett sold 15,195 shares of the firm's stock in a transaction 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 approximately $5,398,884.30. This trade represents a 4.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 884,862 shares of company stock worth $17,484,482. 12.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Canaccord Genuity Group upped their price target on MP Materials from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Robert W. Baird increased their price target 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. JPMorgan Chase & Co. lifted their price target 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. BMO Capital Markets upped their price objective on shares of MP Materials from $16.00 to $18.50 and gave the stock a "market perform" rating in a report on Friday, October 25th. Finally, Morgan Stanley lifted their target price on shares of MP Materials from $13.50 to $16.00 and gave the company an "equal weight" rating in a report on Thursday, September 19th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, MP Materials has a consensus rating of "Moderate Buy" and an average target price of $22.10.

MP Materials 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.