USA Rare Earth (NASDAQ:USAR) Shares Up 3.8% – Here’s Why

Shares of USA Rare Earth Inc. (NASDAQ:USAR) traded up 3.8% on Wednesday . The stock traded as high as $18.66 and last traded at $18.45. Approximately 9,283,685 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 17,896,707 shares. The stock had previously closed at $17.78.

Analysts Set New Price Targets

Several brokerages have commented on USAR. Benchmark reissued a “buy” rating on shares of USA Rare Earth in a research report on Wednesday, June 3rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $40.00 price target on shares of USA Rare Earth in a research note on Thursday, June 4th. Weiss Ratings raised shares of USA Rare Earth from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, May 14th. Canaccord Genuity Group upped their price objective on shares of USA Rare Earth from $29.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Finally, Needham & Company LLC began coverage on shares of USA Rare Earth in a research note on Monday, June 1st. They set a “buy” rating and a $39.00 target price for the company. Nine research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $36.83.

USA Rare Earth Stock Up 3.8%

The stock’s fifty day moving average price is $23.80 and its 200 day moving average price is $20.35. The stock has a market cap of $4.11 billion, a PE ratio of -4.71 and a beta of 2.45.

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

Insider Buying and Selling at USA Rare Earth

In other news, Director Carolyn Trabuco sold 13,000 shares of the company’s stock in a transaction on Monday, June 8th. The stock was 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 of the company’s stock, valued at $427,688.91. This represents a 40.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 9.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On USA Rare Earth

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ascentis Independent Advisors purchased a new stake in shares of USA Rare Earth during the 1st quarter valued at about $27,000. Larson Financial Group LLC raised its holdings in shares of USA Rare Earth by 217.5% during the fourth quarter. Larson Financial Group LLC now owns 2,092 shares of the company’s stock valued at $25,000 after purchasing an additional 1,433 shares during the last quarter. National Bank of Canada FI raised its holdings in shares of USA Rare Earth by 110.0% during the third quarter. National Bank of Canada FI now owns 2,100 shares of the company’s stock valued at $36,000 after purchasing an additional 1,100 shares during the last quarter. KBC Group NV bought a new position in USA Rare Earth during the first quarter valued at approximately $35,000. Finally, NewEdge Advisors LLC lifted 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 purchasing an additional 1,424 shares during the period.

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.