MP Materials (NYSE:MP) Trading 9.5% Higher - Should You Buy?

MP Materials Corp. (NYSE:MP - Get Free Report)'s stock price shot 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 were traded during trading, a decline of 17% from the average session volume of 2,223,203 shares. The stock had previously closed at $16.39.

Analyst Ratings Changes

Several equities research analysts have weighed in on MP shares. Canaccord Genuity Group increased their price objective on MP Materials from $23.00 to $26.00 and gave the stock a "buy" rating in a report on Wednesday, November 27th. Robert W. Baird lifted their price target 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. BMO Capital Markets boosted their price objective 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. Morgan Stanley raised 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. Finally, JPMorgan Chase & Co. increased their price target on shares of MP Materials from $15.00 to $18.00 and gave the stock a "neutral" rating in a research note on Monday, October 21st. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.10.

MP Materials Trading Up 11.0 %

The stock's fifty day simple moving average is $18.71 and its two-hundred day simple moving average is $15.90. The firm has a market cap of $2.97 billion, a PE ratio of -33.70 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.

Insider Buying and Selling

In related news, CFO Ryan Corbett sold 15,195 shares of the company's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $18.30, for a total value of $278,068.50. Following the transaction, the chief financial officer now owns 295,021 shares in the company, valued at $5,398,884.30. The trade was a 4.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James H. Litinsky sold 234,667 shares of the stock in a transaction dated 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 directly owns 17,608,409 shares in the company, valued at $364,141,898.12. This trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 884,862 shares of company stock worth $17,484,482 in the last 90 days. Insiders own 12.60% of the company's stock.

Hedge Funds Weigh In On MP Materials

A number of hedge funds have recently added to or reduced their stakes in MP. GAMMA Investing LLC boosted its holdings in shares of 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 acquiring an additional 1,285 shares during the last quarter. Signaturefd LLC lifted its position in MP Materials by 817.5% during the third quarter. Signaturefd LLC now owns 3,661 shares of the company's stock valued at $65,000 after purchasing an additional 3,262 shares during the period. Point72 Hong Kong Ltd purchased a new stake in MP Materials in the second quarter worth approximately $72,000. KBC Group NV grew its position in MP Materials by 35.7% in the 3rd quarter. KBC Group NV now owns 4,733 shares of the company's stock worth $84,000 after purchasing an additional 1,246 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in MP Materials during the 2nd quarter valued at $100,000. 52.55% of the stock is currently owned by hedge funds and other 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.