USA Rare Earth (NASDAQ:USAR) Shares Down 8.1% – Here’s What Happened

USA Rare Earth Inc. (NASDAQ:USAR)’s share price dropped 8.1% during trading on Thursday . The company traded as low as $15.70 and last traded at $15.91. Approximately 12,164,916 shares were traded during mid-day trading, a decline of 30% from the average session volume of 17,497,672 shares. The stock had previously closed at $17.31.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Benchmark reiterated a “buy” rating on shares of USA Rare Earth in a research note on Wednesday, June 3rd. Northland Securities started coverage on shares of USA Rare Earth in a research note on Thursday, April 23rd. They issued an “outperform” rating and a $45.00 price objective on the stock. Wall Street Zen raised shares of USA Rare Earth from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Roth Capital reiterated a “buy” rating on shares of USA Rare Earth in a research note on Thursday, June 4th. Finally, Needham & Company LLC assumed coverage on USA Rare Earth in a report on Monday, June 1st. They set a “buy” rating and a $39.00 price target on the stock. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $36.83.

USA Rare Earth Price Performance

The company has a 50 day moving average price of $22.97 and a 200 day moving average price of $20.52. The firm has a market cap of $3.55 billion, a PE ratio of -4.06 and a beta of 2.45.

USA Rare Earth (NASDAQ:USAR) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.04. The firm had revenue of $5.70 million during the quarter. On average, equities analysts anticipate that USA Rare Earth Inc. will post -0.35 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Carolyn Trabuco sold 13,000 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $22.77, for a total transaction of $296,010.00. Following the transaction, the director directly owned 18,783 shares in the company, valued at $427,688.91. The trade was a 40.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 9.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On USA Rare Earth

A number of institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC increased its position in USA Rare Earth by 158.2% during the 2nd quarter. NewEdge Advisors LLC now owns 2,324 shares of the company’s stock worth $25,000 after purchasing an additional 1,424 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of USA Rare Earth in the 2nd quarter valued at approximately $223,000. Lighthouse Investment Partners LLC acquired a new stake in shares of USA Rare Earth in the 2nd quarter valued at approximately $329,000. Bank of America Corp DE boosted its stake 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 valued at $2,659,000 after buying an additional 199,819 shares in the last quarter. Finally, LMR Partners LLP purchased a new stake in shares of USA Rare Earth in 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.