Weiss Asset Management LP acquired a new stake in USA Rare Earth Inc. (NASDAQ:USAR – Free Report) in the first quarter, HoldingsChannel reports. The institutional investor acquired 1,130,000 shares of the company’s stock, valued at approximately $17,103,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Sterling Capital Management LLC lifted its stake in USA Rare Earth by 29.1% during the first quarter. Sterling Capital Management LLC now owns 3,676 shares of the company’s stock worth $56,000 after purchasing an additional 829 shares during the period. Pier 88 Investment Partners LLC boosted its holdings in USA Rare Earth by 2.5% during the fourth quarter. Pier 88 Investment Partners LLC now owns 34,700 shares of the company’s stock valued at $413,000 after purchasing an additional 840 shares in the last quarter. SBI Securities Co. Ltd. grew its stake in shares of USA Rare Earth by 20.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 5,522 shares of the company’s stock valued at $66,000 after purchasing an additional 936 shares during the period. Advisory Services Network LLC grew its stake in shares of USA Rare Earth by 2.0% in the 3rd quarter. Advisory Services Network LLC now owns 52,366 shares of the company’s stock valued at $900,000 after purchasing an additional 1,032 shares during the period. Finally, National Bank of Canada FI raised its holdings in shares of USA Rare Earth by 110.0% in the 3rd quarter. National Bank of Canada FI now owns 2,100 shares of the company’s stock worth $36,000 after buying an additional 1,100 shares in the last quarter.
USA Rare Earth Stock Down 6.5%
Shares of USAR stock opened at $14.15 on Friday. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of -3.61 and a beta of 2.45. USA Rare Earth Inc. has a 12 month low of $10.91 and a 12 month high of $43.98. The stock has a 50-day moving average price of $21.53 and a 200 day moving average price of $20.60.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on USAR. Needham & Company LLC cut their price objective on USA Rare Earth from $39.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday. Canaccord Genuity Group upped their target price on shares of USA Rare Earth from $29.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Northland Securities initiated coverage on shares of USA Rare Earth in a research report on Thursday, April 23rd. They set an “outperform” rating and a $45.00 target price for the company. Roth Capital cut their price target on shares of USA Rare Earth from $40.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Wall Street Zen upgraded shares of USA Rare Earth from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Nine research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $35.83.
Read Our Latest Research Report on USA Rare Earth
Insider Transactions at USA Rare Earth
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. Insiders own 9.10% of the company’s stock.
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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