USA Rare Earth (NASDAQ:USAR) Stock Price Down 1.5% – Here’s Why

USA Rare Earth Inc. (NASDAQ:USAR) dropped 1.5% during mid-day trading on Friday. The stock traded as low as $13.54 and last traded at $13.59. 10,807,622 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 16,088,100 shares. The stock had previously closed at $13.80.

Analysts Set New Price Targets

Several brokerages have commented on USAR. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of USA Rare Earth in a research report on Tuesday, August 11th. Needham & Company LLC dropped their price objective on shares of USA Rare Earth from $39.00 to $33.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. Jefferies Financial Group began coverage on shares of USA Rare Earth in a research report on Wednesday, September 2nd. They set a “buy” rating and a $21.00 target price for the company. Roth Capital reduced their target price on shares of USA Rare Earth from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. Finally, Weiss Ratings lowered shares of USA Rare Earth from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.71.

USA Rare Earth Trading Down 1.5%

The business has a fifty day moving average price of $16.80 and a 200-day moving average price of $19.49. The stock has a market capitalization of $3.33 billion, a PE ratio of -5.59 and a beta of 2.66.

USA Rare Earth (NASDAQ:USAR) last released its earnings results on Monday, August 10th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.08). The company had revenue of $5.82 million for the quarter. On average, equities analysts anticipate that USA Rare Earth Inc. will post -0.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On USA Rare Earth

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in USA Rare Earth during the second quarter valued at about $335,795,000. Weiss Asset Management LP purchased a new position in shares of USA Rare Earth during the 1st quarter valued at about $17,103,000. Encompass Capital Advisors LLC bought a new position in shares of USA Rare Earth during the 1st quarter valued at approximately $7,038,000. Swiss National Bank lifted its stake in shares of USA Rare Earth by 67.6% during the 1st quarter. Swiss National Bank now owns 150,500 shares of the company’s stock valued at $2,278,000 after buying an additional 60,700 shares in the last quarter. Finally, Man Group plc bought a new position in USA Rare Earth in the 2nd quarter worth $2,562,000.

About USA Rare Earth

USA Rare Earth, Inc is a U.S.-based critical minerals company focused on developing a domestic, vertically integrated supply chain for rare earth elements and rare earth permanent magnets. The company’s activities span the planned mining and processing of rare earth materials and the manufacture of neodymium-iron-boron (NdFeB) magnets, which are used in electric vehicles, renewable energy systems, electronics, aerospace and defense applications.

The company’s principal resource project is the Round Top rare earth and critical minerals project in Hudspeth County, Texas.