Needham & Company LLC Cuts USA Rare Earth (NASDAQ:USAR) Price Target to $33.00

USA Rare Earth (NASDAQ:USAR) had its price objective trimmed by Needham & Company LLC from $39.00 to $33.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Benchmark reiterated a “buy” rating on shares of USA Rare Earth in a report on Wednesday, June 3rd. Northland Securities started coverage on USA Rare Earth in a research note on Thursday, April 23rd. They set an “outperform” rating and a $45.00 price objective on the stock. Wedbush lifted their price objective on shares of USA Rare Earth from $29.00 to $35.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Wall Street Zen upgraded shares of USA Rare Earth from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Canaccord Genuity Group increased their target price 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. Nine analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, USA Rare Earth presently has a consensus rating of “Moderate Buy” and an average target price of $35.83.

USA Rare Earth Stock Performance

NASDAQ:USAR opened at $14.15 on Wednesday. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of -3.61 and a beta of 2.45. USA Rare Earth has a one year low of $10.91 and a one year high of $43.98. The stock has a 50-day simple moving average of $21.53 and a 200 day simple moving average of $20.60.

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, beating the consensus estimate of ($0.16) by $0.04. The firm had revenue of $5.70 million during the quarter. On average, equities research analysts forecast that USA Rare Earth will post -0.35 EPS for the current fiscal year.

Insider Activity at USA Rare Earth

In other news, Director Carolyn Trabuco sold 13,000 shares of the company’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 transaction, the director directly owned 18,783 shares of the company’s stock, valued at approximately $427,688.91. This represents a 40.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 9.10% of the company’s stock.

Institutional Trading of USA Rare Earth

Several hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC grew its stake in USA Rare Earth by 158.2% during the 2nd quarter. NewEdge Advisors LLC now owns 2,324 shares of the company’s stock worth $25,000 after buying an additional 1,424 shares during the last quarter. Raymond James Financial Inc. bought a new stake in USA Rare Earth in the second quarter valued at $223,000. Lighthouse Investment Partners LLC bought a new stake in USA Rare Earth in the second quarter valued at $329,000. Bank of America Corp DE boosted its holdings in shares of USA Rare Earth by 465.7% during the second quarter. Bank of America Corp DE now owns 242,726 shares of the company’s stock valued at $2,659,000 after acquiring an additional 199,819 shares during the period. Finally, LMR Partners LLP acquired a new position in shares of USA Rare Earth during the second quarter valued at $145,000.

USA Rare Earth Company Profile

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.