LAS VEGAS—James H. Litinsky, the Chairman and CEO of MP Materials Corp. (NYSE:MP), recently executed a significant stock sale according to a Form 4 filing with the Securities and Exchange Commission. Litinsky sold a total of 300,000 shares of MP Materials common stock, generating proceeds of approximately $5.53 million. The shares were sold at a weighted average price of $18.45, with individual transaction prices ranging from $18.05 to $18.68.
Following the sale, Litinsky retains ownership of 18,221,776 shares through the James Henry Litinsky Revocable Trust. This transaction reflects a reduction in his indirect holdings, as indicated in the filing.
Additionally, the report noted a separate transaction involving the disposition of 78,700 shares for tax withholding purposes, valued at approximately $1.44 million. These shares were disposed of at a price of $18.35 each.
MP Materials, headquartered in Las Vegas, is a leading rare earth materials company, and Litinsky’s transactions are closely monitored by investors for insights into the company’s leadership activities.
“In other recent news, MP Materials reported a notable Q3 performance, exceeding expectations with an adjusted earnings per share (EPS) of $(0.12), surpassing both Canaccord Genuity and BMO Capital’s estimates. The company also achieved record production of 13.7 kilotonnes (kt) of rare earth oxide (REO) and 478 tonnes of neodymium-praseodymium (NdPr), marking a significant year-over-year increase. Canaccord Genuity and BMO Capital responded positively to these results, with both firms raising their price targets for MP Materials. In addition, MP Materials reported a 20% year-over-year revenue increase and an improvement in adjusted EBITDA. Looking ahead, the company is ramping up its Stage 2 operations and expects to achieve positive refining margins in early 2025. MP Materials is also planning to initiate metal production by year-end at its Fort Worth facility and start customer qualifications for magnets by the end of 2024. These recent developments underscore the company’s growth prospects and have drawn the attention of analysts.”
InvestingPro Insights
To provide additional context to James H. Litinsky’s recent stock sale, let’s examine some key financial metrics and insights from InvestingPro for MP Materials Corp. (NYSE:MP).
According to InvestingPro data, MP Materials currently has a market capitalization of $3.01 billion. The company’s revenue for the last twelve months as of…
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