USA Rare Earth (NASDAQ:USAR) Stock Price Down 1.9% – Here’s What Happened

Shares of USA Rare Earth Inc. (NASDAQ:USAR) dropped 1.9% on Wednesday . The company traded as low as $14.88 and last traded at $15.10. 15,154,893 shares traded hands during mid-day trading, a decline of 7% from the average daily volume of 16,276,476 shares. The stock had previously closed at $15.40.

Analysts Set New Price Targets

USAR has been the topic of a number of recent research reports. Roth Capital decreased their price target on shares of USA Rare Earth from $40.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, July 21st. Cantor Fitzgerald reissued an “overweight” rating on shares of USA Rare Earth in a research note on Tuesday, August 11th. Weiss Ratings downgraded shares of USA Rare Earth from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. Benchmark restated a “buy” rating on shares of USA Rare Earth in a research report on Wednesday, June 3rd. Finally, Jefferies Financial Group started coverage on shares of USA Rare Earth in a report on Wednesday, September 2nd. They issued a “buy” rating and a $21.00 price target for the company. Ten equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.71.

USA Rare Earth Stock Performance

The company has a market cap of $3.70 billion, a PE ratio of -6.21 and a beta of 2.58. The company has a fifty day moving average of $17.19 and a two-hundred day moving average of $19.85.

USA Rare Earth (NASDAQ:USAR) last posted its quarterly earnings data 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 business had revenue of $5.82 million for the quarter. On average, equities analysts forecast that USA Rare Earth Inc. will post -0.62 EPS for the current year.

Hedge Funds Weigh In On USA Rare Earth

Hedge funds have recently added to or reduced their stakes in the company. MCF Advisors LLC bought a new stake in USA Rare Earth in the second quarter worth about $43,000. RFG Advisory LLC grew its stake in shares of USA Rare Earth by 459.1% during the second quarter. RFG Advisory LLC now owns 59,835 shares of the company’s stock valued at $1,291,000 after buying an additional 49,133 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of USA Rare Earth by 477.4% during the 2nd quarter. IFP Advisors Inc now owns 67,896 shares of the company’s stock worth $1,465,000 after acquiring an additional 56,137 shares during the last quarter. Arizona State Retirement System boosted its holdings in USA Rare Earth by 129.7% during the 2nd quarter. Arizona State Retirement System now owns 48,117 shares of the company’s stock valued at $1,038,000 after acquiring an additional 27,166 shares during the period. Finally, Nykredit A S purchased a new position in USA Rare Earth during the 2nd quarter valued at $115,000.

USA Rare Earth Company Profile

USA Rare Earth, Inc is a U.S.-focused critical minerals company developing an integrated rare earth supply chain. Its activities center on the production of rare earth materials used in permanent magnets, electric vehicles, wind turbines, defense systems, electronics and other advanced technologies.

The company’s principal asset is the Round Top rare earth and critical minerals project in Hudspeth County, Texas. USA Rare Earth is advancing plans to mine and process ore from Round Top and produce separated rare earth oxides and other critical mineral products, including materials containing neodymium, praseodymium, dysprosium and terbium.