During the third quarter, D.A. Davidson & Co. reduced its MP Materials stake by 45.4%, selling 16,908 shares and ending the period with 20,372 shares valued at $1.366 million. Meanwhile, Royal Bank of Canada boosted its position by 26.5%, acquiring 49,052 additional shares to reach 234,185 shares valued at $5.716 million. AQR Capital Management and Integrated Wealth Concepts each initiated new positions worth approximately $215,000 and $219,000, respectively. MIRAE ASSET GLOBAL ETFS increased its holdings by 4.6% to 10,793 shares ($265,000), and Goldman Sachs Group expanded its stake by 36.0% to 193,943 shares ($4.734 million). Institutional investors now own 52.55% of the company’s outstanding shares.

Since late September, five major brokerages have updated their MP Materials ratings and price targets. Daiwa Capital Markets initiated coverage with an outperform rating and an $80 target. Morgan Stanley upgraded to overweight, raising its target from $68.50 to $71.00. Bank of America increased its target from $78.00 to $112.00 and maintained a buy rating. BMO Capital Markets moved to outperform but lowered its target from $76.00 to $75.00. Wall Street Zen cut its rating from hold to sell. Overall, one analyst rates MP Materials a strong buy, thirteen issue buy recommendations and one issues a sell, yielding a consensus moderate buy rating with an average target of $78.91.

In the third quarter, MP Materials ramped neodymium-praseodymium oxide output by 51% year-over-year to 721 metric tons, contributing to a record 13,254 metric tons of total rare earth oxides. The company aims to achieve 60,000 metric tons of annual output. A U.S. Department of Defense agreement effective October 1, 2025 guarantees a ten-year price floor of $110 per kilogram for NdPr products, enhancing revenue visibility. Apple committed $500 million for U.S.-made rare-earth magnets and a dedicated recycling line, including a $40 million prepayment, while General Motors is set to begin magnet purchases in the second half of 2026 following commercial qualification.

For the quarter ended November 6, MP Materials reported revenue of $53.55 million, exceeding the consensus estimate of $49.72 million, and posted a loss per share of $0.10 versus an expected $0.15 loss. Revenue declined 14.9% year-over-year, and the company maintained a negative net margin of 50.55% and return on equity of –7.69%. Analysts forecast a full-year loss per share of $0.19, with positive earnings per share of $0.07 anticipated in the fourth quarter, driven by stability from the Defense price-floor agreement and growing downstream magnet sales.