USA Rare Earth Inc. (NASDAQ:USAR – Get Free Report)’s stock price dropped 7% on Wednesday . The stock traded as low as $12.93 and last traded at $13.07. 13,244,118 shares were traded during mid-day trading, a decline of 22% from the average daily volume of 17,071,629 shares. The stock had previously closed at $14.06.
Analyst Ratings Changes
USAR has been the subject of several analyst reports. Wedbush boosted their target price on USA Rare Earth from $29.00 to $35.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Needham & Company LLC cut their price target on shares of USA Rare Earth from $39.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Canaccord Genuity Group lifted their price objective on shares of USA Rare Earth from $29.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Wall Street Zen upgraded shares of USA Rare Earth from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Northland Securities began coverage on shares of USA Rare Earth in a research note on Thursday, April 23rd. They issued an “outperform” rating and a $45.00 target price for the company. Nine analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.83.
Get Our Latest Research Report on USA Rare Earth
USA Rare Earth Stock Up 0.8%
USA Rare Earth (NASDAQ:USAR – Get Free Report) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.04. The business had revenue of $5.70 million during the quarter. As a group, equities analysts forecast that USA Rare Earth Inc. will post -0.35 earnings per share for the current year.
Insider Activity
In related news, Director Carolyn Trabuco sold 13,000 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $22.77, for a total transaction of $296,010.00. Following the completion of the sale, the director directly owned 18,783 shares of the company’s stock, valued at approximately $427,688.91. This represents a 40.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 9.10% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of USAR. NewEdge Advisors LLC boosted its holdings in shares of USA Rare Earth by 158.2% in 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. bought a new stake in USA Rare Earth in the 2nd quarter valued at $223,000. Lighthouse Investment Partners LLC bought a new stake in USA Rare Earth in the 2nd quarter valued at $329,000. Bank of America Corp DE lifted its position in USA Rare Earth by 465.7% in the 2nd quarter. Bank of America Corp DE now owns 242,726 shares of the company’s stock valued at $2,659,000 after acquiring an additional 199,819 shares in the last quarter. Finally, LMR Partners LLP acquired a new position in USA Rare Earth in the 2nd quarter worth $145,000.
About USA Rare Earth
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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