MP Materials (NYSE:MP) Trading Down 2.6% – Time to Sell?

Shares of MP Materials Corp. (NYSE:MP) dropped 2.6% during trading on Wednesday . The company traded as low as $58.81 and last traded at $60.6940. Approximately 4,101,849 shares traded hands during trading, a decline of 59% from the average daily volume of 9,899,734 shares. The stock had previously closed at $62.34.

Analyst Ratings Changes

Several equities analysts recently weighed in on MP shares. Morgan Stanley upgraded MP Materials from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $68.50 to $71.00 in a research report on Friday, December 5th. DA Davidson reaffirmed a “buy” rating and set a $82.00 price objective on shares of MP Materials in a research report on Thursday, November 20th. William Blair assumed coverage on MP Materials in a research note on Tuesday, January 13th. They set an “outperform” rating for the company. Wall Street Zen lowered shares of MP Materials from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Finally, Deutsche Bank Aktiengesellschaft raised shares of MP Materials from a “hold” rating to a “buy” rating and lifted their price target for the company from $68.00 to $71.00 in a report on Monday, November 10th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $78.91.

MP Materials Stock Down 2.6%

The company has a quick ratio of 7.51, a current ratio of 8.05 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $10.76 billion, a PE ratio of -85.48 and a beta of 1.60. The company’s 50 day moving average is $59.92 and its two-hundred day moving average is $64.99.

Insider Transactions at MP Materials

In other MP Materials news, CEO James H. Litinsky sold 385,000 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $62.94, for a total transaction of $24,231,900.00. Following the completion of the transaction, the chief executive officer owned 13,105,965 shares in the company, valued at $824,889,437.10. This trade represents a 2.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Ryan Corbett sold 38,146 shares of MP Materials stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $60.00, for a total value of $2,288,760.00. Following the completion of the sale, the chief financial officer directly owned 156,666 shares in the company, valued at approximately $9,399,960. The trade was a 19.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 991,557 shares of company stock valued at $62,785,202. Company insiders own 12.60% of the company’s stock.

Hedge Funds Weigh In On MP Materials

Several institutional investors have recently bought and sold shares of MP. Empowered Funds LLC increased its holdings in shares of MP Materials by 60.8% in the 4th quarter. Empowered Funds LLC now owns 14,447 shares of the company’s stock worth $730,000 after buying an additional 5,464 shares during the last quarter. USCF Advisers LLC grew its position in MP Materials by 75.0% in the fourth quarter. USCF Advisers LLC now owns 1,400 shares of the company’s stock worth $71,000 after acquiring an additional 600 shares in the last quarter. T3 Companies LLC purchased a new position in MP Materials in the fourth quarter worth about $227,000. Mitchell Mcleod Pugh & Williams Inc. increased its stake in MP Materials by 10.9% during the fourth quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 6,403 shares of the company’s stock worth $323,000 after acquiring an additional 630 shares during the last quarter. Finally, Myriad Asset Management Advisors LLC purchased a new stake in MP Materials during the fourth quarter valued at approximately $1,229,000. Institutional investors own 52.55% of the company’s stock.

MP Materials Company Profile

MP Materials Corporation operates as a vertically integrated producer of rare earth materials in North America. The company owns and manages the Mountain Pass Rare Earth Mine and Processing Facility in California, the only commercially viable rare earth mining and processing site in the United States. MP Materials extracts, separates and refines critical rare earth elements—such as neodymium, praseodymium, and cerium—which are essential inputs for permanent magnets used in electric vehicles, wind turbines, and various defense applications.

The Mountain Pass mine first began commercial rare earth production in the 1950s and was later operated by Molycorp until its bankruptcy in 2015.