USA Rare Earth Inc. (NASDAQ:USAR – Get Free Report) fell 6.1% during mid-day trading on Tuesday . The stock traded as low as $19.37 and last traded at $19.97. 13,298,221 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 18,649,980 shares. The stock had previously closed at $21.27.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on USAR. Benchmark began coverage on shares of USA Rare Earth in a research note on Wednesday, January 21st. They issued a “buy” rating for the company. Wall Street Zen raised shares of USA Rare Earth from a “strong sell” rating to a “sell” rating in a research note on Saturday. Wedbush raised their price objective on shares of USA Rare Earth from $29.00 to $35.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Weiss Ratings raised shares of USA Rare Earth from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday. Finally, Roth Mkm set a $30.00 price target on shares of USA Rare Earth in a research note on Monday, April 20th. Eight investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $35.40.
Read Our Latest Report on USAR
USA Rare Earth Stock Down 6.1%
USA Rare Earth (NASDAQ:USAR – Get Free Report) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.04. The company had revenue of $5.70 million for the quarter. As a group, equities research analysts forecast that USA Rare Earth Inc. will post -0.4 earnings per share for the current year.
Institutional Trading of USA Rare Earth
Institutional investors and hedge funds have recently modified their holdings of the stock. NewEdge Advisors LLC increased its holdings in USA Rare Earth by 158.2% during the second quarter. NewEdge Advisors LLC now owns 2,324 shares of the company’s stock valued at $25,000 after buying an additional 1,424 shares during the period. Raymond James Financial Inc. purchased a new position in USA Rare Earth during the second quarter valued at approximately $223,000. Lighthouse Investment Partners LLC purchased a new position in USA Rare Earth during the second quarter valued at approximately $329,000. Bank of America Corp DE increased its holdings in USA Rare Earth by 465.7% during the second quarter. Bank of America Corp DE now owns 242,726 shares of the company’s stock valued at $2,659,000 after buying an additional 199,819 shares during the period. Finally, LMR Partners LLP purchased a new position in USA Rare Earth during the second quarter valued at approximately $145,000.
USA Rare Earth Company Profile
USA Rare Earth (NASDAQ: USAR) is a development-stage critical minerals company focused on advancing a fully integrated rare earth element (REE) and lithium project in the United States. Its flagship asset is the Round Top deposit in West Texas, a large, polymetallic concentration of light and heavy rare earth elements, lithium and other co-products. The company seeks to move this asset through resource delineation, pilot-scale processing and eventual commercial production to address growing domestic demand for secure REE supply chains.
In addition to exploration, USA Rare Earth is engineering an on-site separation facility that will utilize dry magnetic separation and hydrometallurgical flowsheets to produce mixed rare earth carbonates.
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