Fmr LLC Buys 22,144 Shares of MP Materials Corp. (NYSE:MP)

Fmr LLC lifted its stake in MP Materials Corp. (NYSE:MP) by 673.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,432 shares of the company’s stock after buying an additional 22,144 shares during the period. Fmr LLC’s holdings in MP Materials were worth $449,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Segall Bryant & Hamill LLC increased its stake in MP Materials by 32.7% in the 3rd 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 grew its holdings in shares of MP Materials by 806.0% in the third quarter. Quest Partners LLC now owns 42,944 shares of the company’s stock worth $758,000 after purchasing an additional 38,204 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of MP Materials by 35.7% in the third quarter. Principal Financial Group Inc. now owns 604,892 shares of the company’s stock worth $10,676,000 after buying an additional 159,200 shares during the period. XTX Topco Ltd bought a new stake in MP Materials during the 2nd quarter valued at $959,000. Finally, Thrivent Financial for Lutherans boosted its position in MP Materials by 197.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 96,106 shares of the company’s stock valued at $1,696,000 after buying an additional 63,751 shares during the period. Institutional investors own 52.55% of the company’s stock.

Insider Activity

In other MP Materials news, CEO James H. Litinsky sold 300,000 shares of the business’s stock in a transaction on Monday, November 18th. The stock was 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 directly owns 18,221,776 shares of the company’s stock, valued at approximately $336,191,767.20. The trade was a 1.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Ryan Corbett sold 35,000 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now owns 260,021 shares of the company’s stock, valued at $5,590,451.50. The trade was a 11.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 884,862 shares of company stock worth $17,484,482. Corporate insiders own 12.60% of the company’s stock.

MP Materials Price Performance

Shares of MP stock opened at $16.18 on Friday. 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 stock has a market cap of $2.64 billion, a price-to-earnings ratio of -29.96 and a beta of 2.24. The business’s fifty day moving average is $19.12 and its 200 day moving average is $15.77. MP Materials Corp. has a twelve month low of $10.02 and a twelve month high of $24.01.

MP Materials declared that its Board of Directors has initiated a stock repurchase program on Tuesday, September 3rd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 13.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Canaccord Genuity Group boosted their price objective on shares of MP Materials from $23.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. BMO Capital Markets upped their price target on MP Materials from $16.00 to $18.50 and gave the company a “market perform” rating in a research report on Friday, October 25th. DA Davidson increased their price objective on MP Materials from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. boosted their target price on MP Materials from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Finally, Morgan Stanley raised 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. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $22.10.

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.