Is MP Materials Stock Still a Buy After Its Recent Pullback?

MP Materials (NYSE: MP) has been a losing stock in 2026. After a stellar year in 2025, in which it was one of Wall Street's hottest mining stocks, MP has tanked over 50% since last October.

And yet MP's core strength hasn't changed: It is still one of the few American companies capable of mining and refining rare earths, the critical materials used in everything from electric vehicles to electronics. It still enjoys support from the U.S. government, including a stunningly high price floor for its neodymium-praseodymium (NdPR) and a 10-year agreement to buy permanent magnets from its planned magnet factory (10X Facility).

Things are looking good in MP's future, but does that mean the stock is a buy right now? Let's take a look.

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