Canaccord Genuity Group Issues Positive Forecast for USA Rare Earth (NASDAQ:USAR) Stock Price

USA Rare Earth (NASDAQ:USAR) had its target price upped by investment analysts at Canaccord Genuity Group from $22.00 to $23.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 32.49% from the stock’s previous close.

Other analysts also recently issued reports about the stock. William Blair started coverage on shares of USA Rare Earth in a research note on Monday, October 20th. They set an “outperform” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of USA Rare Earth in a research report on Wednesday, October 8th. Roth Capital set a $40.00 price objective on USA Rare Earth in a research report on Friday, October 10th. Wall Street Zen cut USA Rare Earth from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Finally, Cantor Fitzgerald started coverage on shares of USA Rare Earth in a research report on Friday, August 1st. They issued an “overweight” rating and a $16.00 price target for the company. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.33.

USA Rare Earth Trading Up 9.7%

USAR stock traded up $1.54 during mid-day trading on Friday, reaching $17.36. 15,723,023 shares of the stock traded hands, compared to its average volume of 5,379,839. USA Rare Earth has a 52-week low of $5.56 and a 52-week high of $43.98. The stock’s fifty day moving average is $20.58 and its 200-day moving average is $15.07. The company has a market cap of $1.98 billion, a P/E ratio of -64.30 and a beta of 0.77.

USA Rare Earth (NASDAQ:USAR) last released its earnings results on Thursday, November 6th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.19).

Insiders Place Their Bets

In other news, Director Michael Blitzer sold 2,091,849 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $15.75, for a total transaction of $32,946,621.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 46.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On USA Rare Earth

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC grew its position in USA Rare Earth by 158.2% during the second quarter. NewEdge Advisors LLC now owns 2,324 shares of the company’s stock worth $25,000 after buying an additional 1,424 shares in the last quarter. SBI Securities Co. Ltd. raised its holdings in USA Rare Earth by 10,448.0% in the 2nd quarter. SBI Securities Co. Ltd. now owns 2,637 shares of the company’s stock valued at $29,000 after acquiring an additional 2,612 shares in the last quarter. Osaic Holdings Inc. bought a new stake in shares of USA Rare Earth in the 2nd quarter worth approximately $38,000. KLP Kapitalforvaltning AS acquired a new stake in shares of USA Rare Earth during the 3rd quarter worth approximately $69,000. Finally, Jones Financial Companies Lllp increased its position in shares of USA Rare Earth by 2,204.3% during the third quarter. Jones Financial Companies Lllp now owns 8,065 shares of the company’s stock valued at $140,000 after purchasing an additional 7,715 shares during the period.

About USA Rare Earth

USA Rare Earth, Inc is domestic supplier of rare earth magnets and heavy rare earth elements. It is developing a vertically integrated, domestic supply chain for rare earth element magnet production, with a facility in Stillwater, Oklahoma, and mining rights to the Round Top heavy rare earth and critical minerals deposit in West Texas.