USA Rare Earth (NASDAQ:USAR) Trading Down 2.1% – Here’s What Happened

USA Rare Earth Inc. (NASDAQ:USAR) fell 2.1% during mid-day trading on Friday . The company traded as low as $18.30 and last traded at $18.48. 5,906,285 shares changed hands during trading, a decline of 67% from the average daily volume of 17,731,211 shares. The stock had previously closed at $18.87.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $40.00 price objective on shares of USA Rare Earth in a research note on Thursday, June 4th. Northland Securities initiated coverage on shares of USA Rare Earth in a research note on Thursday, April 23rd. They set an “outperform” rating and a $45.00 target price for the company. Canaccord Genuity Group lifted their target price on shares of USA Rare Earth from $29.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Benchmark restated a “buy” rating on shares of USA Rare Earth in a research note on Wednesday, June 3rd. Finally, Roth Capital restated a “buy” rating on shares of USA Rare Earth in a research note on Thursday, June 4th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $36.83.

USA Rare Earth Trading Down 2.1%

The company has a market cap of $4.12 billion, a P/E ratio of -4.71 and a beta of 2.45. The stock’s 50 day moving average is $23.55 and its 200-day moving average is $20.41.

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

Insider Buying and Selling 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 shares were 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 9.10% of the stock is owned by company insiders.

Institutional Trading of USA Rare Earth

Several institutional investors have recently added to or reduced their stakes in USAR. NewEdge Advisors LLC raised its stake in shares of USA Rare Earth by 158.2% in the second quarter. NewEdge Advisors LLC now owns 2,324 shares of the company’s stock worth $25,000 after purchasing an additional 1,424 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of 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 2nd quarter worth about $329,000. Bank of America Corp DE raised its position in USA Rare Earth by 465.7% in the 2nd quarter. Bank of America Corp DE now owns 242,726 shares of the company’s stock worth $2,659,000 after buying an additional 199,819 shares during the last quarter. Finally, LMR Partners LLP purchased a new position in USA Rare Earth in the 2nd quarter worth about $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.