USA Rare Earth (NASDAQ:USAR) Trading 2.2% Higher – Here’s What Happened

USA Rare Earth Inc. (NASDAQ:USAR) shares shot up 2.2% during mid-day trading on Friday . The company traded as high as $27.61 and last traded at $26.96. 16,429,967 shares changed hands during trading, a decline of 13% from the average session volume of 18,850,039 shares. The stock had previously closed at $26.38.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Northland Securities began coverage on shares of USA Rare Earth in a research note on Thursday, April 23rd. They set an “outperform” rating and a $45.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of USA Rare Earth in a research note on Friday, March 27th. Cantor Fitzgerald raised their target price on shares of USA Rare Earth from $28.00 to $35.00 and gave the stock an “overweight” rating in a report on Friday, January 30th. Canaccord Genuity Group boosted their target price on shares of USA Rare Earth from $29.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Finally, Roth Mkm set a $30.00 price target on shares of USA Rare Earth in a report 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’s stock. According to data from MarketBeat.com, USA Rare Earth has a consensus rating of “Moderate Buy” and an average price target of $34.20.

USA Rare Earth Stock Up 2.2%

The company has a market capitalization of $5.88 billion, a PE ratio of -8.99 and a beta of 2.38. The firm has a 50-day moving average of $19.33 and a two-hundred day moving average of $18.37.

USA Rare Earth (NASDAQ:USAR) last released its quarterly earnings data on Monday, March 30th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.07). The business had revenue of $1.64 million during the quarter. Equities analysts predict that USA Rare Earth Inc. will post -0.76 EPS for the current fiscal year.

Institutional Trading of USA Rare Earth

Hedge funds have recently added to or reduced their stakes in the company. 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 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 in the second quarter valued at $223,000. Lighthouse Investment Partners LLC acquired a new position in shares of USA Rare Earth in the second quarter worth about $329,000. Bank of America Corp DE raised its position in shares of USA Rare Earth by 465.7% in the second quarter. Bank of America Corp DE now owns 242,726 shares of the company’s stock worth $2,659,000 after acquiring an additional 199,819 shares during the period. Finally, LMR Partners LLP purchased a new stake in shares of USA Rare Earth during the 2nd quarter worth about $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.