USA Rare Earth (NASDAQ:USAR) Stock Price Down 2.6% – Here’s What Happened

USA Rare Earth Inc. (NASDAQ:USAR)’s stock price dropped 2.6% on Wednesday . The stock traded as low as $17.95 and last traded at $18.41. Approximately 11,006,520 shares traded hands during trading, a decline of 34% from the average daily volume of 16,802,213 shares. The stock had previously closed at $18.91.

Analysts Set New Price Targets

USAR has been the subject of a number of analyst reports. Northland Securities initiated coverage on USA Rare Earth in a report on Thursday, April 23rd. They issued an “outperform” rating and a $45.00 price target for the company. Benchmark restated a “buy” rating on shares of USA Rare Earth in a report on Wednesday, June 3rd. Wall Street Zen raised shares of USA Rare Earth from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings raised shares of USA Rare Earth from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, May 14th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of USA Rare Earth in a research note on Tuesday. Nine research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, USA Rare Earth currently has an average rating of “Moderate Buy” and a consensus target price of $35.83.

USA Rare Earth Trading Down 2.6%

The company has a market capitalization of $4.11 billion, a PE ratio of -7.58 and a beta of 2.55. The company’s 50 day moving average price is $19.27 and its 200-day moving average price is $20.52.

USA Rare Earth (NASDAQ:USAR) last issued its earnings results on Monday, August 10th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.08). The company had revenue of $5.82 million during the quarter. As a group, analysts predict that USA Rare Earth Inc. will post -0.35 earnings per share for the current year.

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 shares were sold at an average price of $22.77, for a total transaction of $296,010.00. Following the completion of the sale, the director 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 the SEC website. Company insiders own 9.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of USAR. Weiss Asset Management LP acquired a new position in shares of USA Rare Earth during the first quarter worth $17,103,000. Jennison Associates LLC acquired a new stake in USA Rare Earth during the 4th quarter valued at $1,586,000. Encompass Capital Advisors LLC purchased a new stake in USA Rare Earth during the 1st quarter worth $7,038,000. Swiss National Bank increased its stake in USA Rare Earth by 67.6% during the 1st quarter. Swiss National Bank now owns 150,500 shares of the company’s stock worth $2,278,000 after buying an additional 60,700 shares during the period. Finally, Kercheville Advisors LLC lifted its holdings in USA Rare Earth by 272.0% in the 4th quarter. Kercheville Advisors LLC now owns 37,200 shares of the company’s stock worth $443,000 after buying an additional 27,200 shares in the last quarter.

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.