USA Rare Earth (NASDAQ:USAR) Stock Price Down 3.5% – Time to Sell?

Shares of USA Rare Earth Inc. (NASDAQ:USAR) traded down 3.5% on Thursday . The stock traded as low as $20.07 and last traded at $20.66. Approximately 11,739,020 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 18,300,332 shares. The stock had previously closed at $21.42.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $40.00 target price on shares of USA Rare Earth in a report on Thursday, June 4th. Canaccord Genuity Group boosted their price objective on shares of USA Rare Earth from $29.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Roth Mkm reaffirmed a “buy” rating on shares of USA Rare Earth in a research note on Thursday, June 4th. Wall Street Zen raised USA Rare Earth from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Needham & Company LLC initiated coverage on USA Rare Earth in a research report on Monday, June 1st. They set a “buy” rating and a $39.00 price objective on the stock. Nine research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $36.83.

USA Rare Earth Trading Down 3.5%

The stock’s fifty day moving average price is $24.01 and its 200 day moving average price is $20.13. The stock has a market cap of $4.61 billion, a P/E ratio of -5.27 and a beta of 2.33.

USA Rare Earth (NASDAQ:USAR) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.04. The business had revenue of $5.70 million during the quarter. As a group, sell-side analysts forecast that USA Rare Earth Inc. will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In other USA Rare Earth news, Director Carolyn Trabuco sold 13,000 shares of the firm’s 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 transaction, the director owned 18,783 shares of the company’s stock, valued at approximately $427,688.91. This trade represents a 40.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 9.10% of the company’s stock.

Institutional Trading of USA Rare Earth

A number of hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC increased its position in USA Rare Earth by 158.2% during the 2nd quarter. NewEdge Advisors LLC now owns 2,324 shares of the company’s stock valued at $25,000 after buying an additional 1,424 shares in the last quarter. Raymond James Financial Inc. purchased a new position in USA Rare Earth during the second quarter valued at $223,000. Lighthouse Investment Partners LLC bought a new stake in USA Rare Earth in the second quarter worth $329,000. Bank of America Corp DE boosted its holdings in 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 worth $2,659,000 after acquiring an additional 199,819 shares in the last quarter. Finally, LMR Partners LLP purchased a new stake in shares of USA Rare Earth in the second quarter worth $145,000.

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.