USA Rare Earth (NASDAQ:USAR) Shares Down 4.2% – Here’s What Happened

USA Rare Earth Inc. (NASDAQ:USAR) traded down 4.2% during mid-day trading on Thursday . The company traded as low as $18.54 and last traded at $19.15. 14,089,786 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 18,078,430 shares. The stock had previously closed at $19.98.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on USAR shares. Wall Street Zen raised shares of USA Rare Earth from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Wedbush raised their price target on shares of USA Rare Earth from $29.00 to $35.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $40.00 price target 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 stock a “buy” rating in a research note on Tuesday, April 21st. Finally, Benchmark restated a “buy” rating on shares of USA Rare Earth in a report on Wednesday, June 3rd. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.83.

USA Rare Earth Stock Performance

The stock’s 50 day moving average price is $24.16 and its 200 day moving average price is $20.25. The company has a market capitalization of $4.27 billion, a P/E ratio of -4.89 and a beta of 2.33.

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

Insider Activity at USA Rare Earth

In related news, Director Carolyn Trabuco sold 13,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director owned 18,783 shares of the company’s stock, valued at $427,688.91. This trade represents a 40.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 9.10% of the stock is currently owned by insiders.

Institutional Trading of USA Rare Earth

Hedge funds have recently modified their holdings of the stock. Sterling Capital Management LLC lifted its position in shares of USA Rare Earth by 29.1% during the 1st quarter. Sterling Capital Management LLC now owns 3,676 shares of the company’s stock valued at $56,000 after acquiring an additional 829 shares during the period. Pier 88 Investment Partners LLC increased its stake in USA Rare Earth by 2.5% in the fourth quarter. Pier 88 Investment Partners LLC now owns 34,700 shares of the company’s stock valued at $413,000 after purchasing an additional 840 shares in the last quarter. SBI Securities Co. Ltd. raised its holdings in shares of USA Rare Earth by 20.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 5,522 shares of the company’s stock valued at $66,000 after purchasing an additional 936 shares during the period. Advisory Services Network LLC boosted its position in shares of USA Rare Earth by 2.0% during the 3rd quarter. Advisory Services Network LLC now owns 52,366 shares of the company’s stock worth $900,000 after purchasing an additional 1,032 shares in the last quarter. Finally, National Bank of Canada FI boosted its position in shares of USA Rare Earth by 110.0% during the 3rd quarter. National Bank of Canada FI now owns 2,100 shares of the company’s stock worth $36,000 after purchasing an additional 1,100 shares in the last quarter.

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.