USA Rare Earth (NASDAQ:USAR) Stock Falls 2.8% – Here’s What Happened

USA Rare Earth Inc. (NASDAQ:USAR)’s stock price traded down 2.8% during trading on Thursday. The company traded as low as $15.06 and last traded at $15.38. Approximately 13,809,286 shares were traded during mid-day trading, a decline of 15% from the average session volume of 16,217,229 shares. The stock had previously closed at $15.83.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Benchmark reiterated a “buy” rating on shares of USA Rare Earth in a report on Wednesday, June 3rd. Roth Capital reduced their price objective on shares of USA Rare Earth from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. Jefferies Financial Group assumed coverage on shares of USA Rare Earth in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $21.00 target price on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of USA Rare Earth in a research note on Tuesday, August 11th. Finally, Needham & Company LLC dropped their price target on shares of USA Rare Earth from $39.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday, July 22nd. Ten investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.71.

USA Rare Earth Stock Performance

The firm’s 50 day moving average is $16.91 and its two-hundred day moving average is $19.66. The stock has a market capitalization of $3.71 billion, a PE ratio of -6.25 and a beta of 2.58.

USA Rare Earth (NASDAQ:USAR) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.08). The business had revenue of $5.82 million for the quarter. On average, analysts anticipate that USA Rare Earth Inc. will post -0.62 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of USAR. BlackRock Inc. purchased a new stake in USA Rare Earth during the 2nd quarter worth about $335,795,000. Inflection Point Holdings II LLC acquired a new position in shares of USA Rare Earth during the fourth quarter worth about $37,188,000. Bank of America Corp DE acquired a new position in shares of USA Rare Earth during the second quarter worth about $32,762,000. Weiss Asset Management LP purchased a new stake in shares of USA Rare Earth during the first quarter worth approximately $17,103,000. Finally, Korea Investment CORP purchased a new stake in shares of USA Rare Earth during the second quarter worth approximately $18,108,000.

About USA Rare Earth

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.