USA Rare Earth (NASDAQ:USAR) Price Target Raised to $23.00

USA Rare Earth (NASDAQ:USAR) had its price target upped by investment analysts at Canaccord Genuity Group from $22.00 to $23.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 32.49% from the company’s current price.

Several other analysts have also commented on USAR. William Blair initiated coverage on USA Rare Earth in a research note on Monday, October 20th. They issued an “outperform” rating on the stock. Roth Capital set a $40.00 price objective on USA Rare Earth in a report on Friday, October 10th. Cantor Fitzgerald began coverage on shares of USA Rare Earth in a research note on Friday, August 1st. They issued an “overweight” rating and a $16.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of USA Rare Earth in a research report on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of USA Rare Earth from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Four equities 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $26.33.

USA Rare Earth Trading Up 9.7%

NASDAQ USAR traded up $1.54 on Friday, reaching $17.36. The company’s stock had a trading volume of 15,723,023 shares, compared to its average volume of 5,379,839. USA Rare Earth has a 52 week low of $5.56 and a 52 week high of $43.98. The firm has a market cap of $1.98 billion, a PE ratio of -64.30 and a beta of 0.77. The business has a 50-day moving average price of $20.58 and a 200 day moving average price of $15.07.

USA Rare Earth (NASDAQ:USAR) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.19).

Insider Buying and Selling at USA Rare Earth

In other news, Director Michael Blitzer sold 2,091,849 shares of the firm’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $15.75, for a total value of $32,946,621.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 46.60% of the company’s stock.

Institutional Investors Weigh In On USA Rare Earth

Hedge funds have recently added to or reduced their stakes in the stock. Altfest L J & Co. Inc. acquired a new stake in USA Rare Earth in the 3rd quarter valued at about $13,554,000. Newtyn Management LLC acquired a new position in shares of USA Rare Earth during the first quarter worth approximately $4,114,000. Geode Capital Management LLC grew its stake in shares of USA Rare Earth by 2,437.5% during the second quarter. Geode Capital Management LLC now owns 653,290 shares of the company’s stock valued at $7,160,000 after purchasing an additional 627,545 shares during the last quarter. Sovran Advisors LLC bought a new stake in shares of USA Rare Earth during the third quarter valued at approximately $3,832,000. Finally, Bank of America Corp DE increased its holdings 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 purchasing an additional 199,819 shares in the last quarter.

USA Rare Earth Company Profile

USA Rare Earth, Inc is domestic supplier of rare earth magnets and heavy rare earth elements. It is developing a vertically integrated, domestic supply chain for rare earth element magnet production, with a facility in Stillwater, Oklahoma, and mining rights to the Round Top heavy rare earth and critical minerals deposit in West Texas.