USA Rare Earth (NASDAQ:USAR) Shares Down 2.9% – Here’s What Happened

Shares of USA Rare Earth Inc. (NASDAQ:USAR) were down 2.9% on Tuesday . The company traded as low as $24.63 and last traded at $25.55. Approximately 14,438,611 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 18,804,000 shares. The stock had previously closed at $26.30.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on USAR shares. Northland Securities started coverage on USA Rare Earth in a report on Thursday, April 23rd. They issued an “outperform” rating and a $45.00 target price on the stock. Canaccord Genuity Group lifted their price target on USA Rare Earth from $29.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Roth Mkm set a $30.00 price target on USA Rare Earth in a report on Monday, April 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of USA Rare Earth in a report on Friday, March 27th. Finally, Wedbush lifted their price target on USA Rare Earth from $29.00 to $35.00 and gave the stock an “outperform” rating in a report on Tuesday. Eight research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $35.40.

USA Rare Earth Price Performance

The stock has a fifty day moving average of $19.59 and a 200 day moving average of $18.34. The firm has a market capitalization of $5.57 billion, a P/E ratio of -8.52 and a beta of 2.38.

USA Rare Earth (NASDAQ:USAR) last released its earnings results on Monday, March 30th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.07). The business had revenue of $1.64 million during the quarter. Equities analysts forecast that USA Rare Earth Inc. will post -0.76 EPS for the current fiscal year.

Institutional Trading of USA Rare Earth

Large investors have recently bought and sold shares of the company. Tudor Investment Corp ET AL purchased a new stake in USA Rare Earth in the third quarter worth $8,304,000. Jennison Associates LLC purchased a new position in shares of USA Rare Earth in the fourth quarter valued at $1,586,000. JPMorgan Chase & Co. purchased a new position in shares of USA Rare Earth in the third quarter valued at $734,000. Sovran Advisors LLC grew its position in shares of USA Rare Earth by 119.7% in the fourth quarter. Sovran Advisors LLC now owns 489,707 shares of the company’s stock valued at $5,828,000 after purchasing an additional 266,783 shares in the last quarter. Finally, Guild Investment Management Inc. purchased a new position in shares of USA Rare Earth in the third quarter valued at $1,080,000.

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.