USA Rare Earth (NASDAQ:USAR) Shares Down 14.7% – Here’s What Happened

USA Rare Earth Inc. (NASDAQ:USAR)’s stock price fell 14.7% during mid-day trading on Thursday . The stock traded as low as $12.19 and last traded at $12.20. 14,119,321 shares traded hands during trading, an increase of 155% from the average session volume of 5,544,375 shares. The stock had previously closed at $14.30.

Analysts Set New Price Targets

A number of research analysts have commented on USAR shares. Weiss Ratings reiterated a “sell (d)” rating on shares of USA Rare Earth in a research report on Wednesday. Canaccord Genuity Group upped their price target on USA Rare Earth from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Roth Capital set a $40.00 price objective on USA Rare Earth in a research report on Friday, October 10th. William Blair assumed coverage on USA Rare Earth in a report on Monday, October 20th. They set an “outperform” rating for the company. Finally, Cantor Fitzgerald started coverage on shares of USA Rare Earth in a research report on Friday, August 1st. They set an “overweight” rating and a $16.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $26.33.

USA Rare Earth Trading Up 0.3%

The company has a market capitalization of $1.62 billion, a P/E ratio of -23.54 and a beta of 0.77. The business has a 50 day moving average price of $20.81 and a 200 day moving average price of $15.36.

USA Rare Earth (NASDAQ:USAR) last released its quarterly earnings data 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).

Institutional Trading of USA Rare Earth

A number of large investors have recently made changes to their positions in the company. Alyeska Investment Group L.P. increased its holdings in shares of USA Rare Earth by 44.0% in the third quarter. Alyeska Investment Group L.P. now owns 12,799,325 shares of the company’s stock worth $219,034,000 after acquiring an additional 3,909,455 shares in the last quarter. Vanguard Group Inc. increased its position in shares of USA Rare Earth by 9.9% during the third quarter. Vanguard Group Inc. now owns 953,198 shares of the company’s stock worth $16,385,000 after acquiring an additional 86,134 shares in the last quarter. Altfest L J & Co. Inc. acquired a new stake in shares of USA Rare Earth during the third quarter worth $13,554,000. Newtyn Management LLC bought a new stake in USA Rare Earth in the 1st quarter valued at $4,114,000. Finally, Geode Capital Management LLC boosted its stake in USA Rare Earth by 2,437.5% in the 2nd quarter. Geode Capital Management LLC now owns 653,290 shares of the company’s stock worth $7,160,000 after purchasing an additional 627,545 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.