MP Materials Corp. (NYSE:MP - Get Free Report)'s stock price was up 8.4% on Wednesday . The company traded as high as $21.06 and last traded at $21.02. Approximately 1,516,665 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 3,428,180 shares. The stock had previously closed at $19.39.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on MP shares. Canaccord Genuity Group lifted their price target on shares of MP Materials from $23.00 to $26.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. boosted their target price 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. Morgan Stanley increased their price target 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. Robert W. Baird boosted their price objective on MP Materials from $20.00 to $25.00 and gave the company an "outperform" rating in a report on Friday, September 27th. Finally, DA Davidson increased their target price on 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 assigned a buy rating to the company. According to MarketBeat, MP Materials has an average rating of "Moderate Buy" and a consensus price target of $22.10.
Get Our Latest Stock Report on MP Materials
MP Materials Stock Performance
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 stock has a market capitalization of $3.42 billion, a P/E ratio of -38.76 and a beta of 2.31. The stock has a 50 day moving average of $18.89 and a 200 day moving average of $16.27.
Insider Buying and Selling
In other MP Materials news, CEO James H. Litinsky sold 300,000 shares of the firm'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 sale, the chief executive officer now owns 18,221,776 shares in the company, valued at approximately $336,191,767.20. This trade represents a 1.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Ryan Corbett sold 35,000 shares of MP Materials stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 260,021 shares in the company, valued at approximately $5,590,451.50. This trade represents a 11.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 884,862 shares of company stock valued at $17,484,482 in the last quarter. Company insiders own 12.60% of the company's stock.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of MP. Millennium Management LLC increased its stake in MP Materials by 425.5% during the 2nd 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 increased its stake in shares of MP Materials by 188.1% during the second quarter. Bank of Montreal Can now owns 898,960 shares of the company's stock valued at $11,462,000 after acquiring an additional 586,906 shares during the period. 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. Public Sector Pension Investment Board bought a new position in MP Materials during the 3rd quarter valued at $4,584,000. Finally, Bernzott Capital Advisors increased its position in shares of MP Materials by 43.4% during the 3rd quarter. Bernzott Capital Advisors now owns 689,270 shares of the company's stock valued at $12,166,000 after purchasing an additional 208,586 shares during the period. 52.55% of the stock is owned by institutional investors and hedge funds.
About MP Materials
(
Get Free Report)
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.
Further Reading
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