USA Rare Earth (NASDAQ:USAR) Stock Price Down 4.8% – Here’s What Happened

USA Rare Earth Inc. (NASDAQ:USAR)’s stock price was down 4.8% during mid-day trading on Wednesday . The stock traded as low as $16.89 and last traded at $17.31. 8,013,990 shares were traded during trading, a decline of 54% from the average daily volume of 17,537,518 shares. The stock had previously closed at $18.19.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on USAR. Canaccord Genuity Group boosted their target price on USA Rare Earth from $29.00 to $32.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Needham & Company LLC began coverage on USA Rare Earth in a report on Monday, June 1st. They set a “buy” rating and a $39.00 price objective for the company. Weiss Ratings upgraded shares of USA Rare Earth from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, May 14th. Roth Capital reaffirmed a “buy” rating on shares of USA Rare Earth in a research note on Thursday, June 4th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $40.00 target price on shares of USA Rare Earth in a research note on Thursday, June 4th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, USA Rare Earth has a consensus rating of “Moderate Buy” and a consensus price target of $36.83.

USA Rare Earth Stock Performance

The firm’s 50-day simple moving average is $23.19 and its 200 day simple moving average is $20.50. The company has a market cap of $3.86 billion, a P/E ratio of -4.42 and a beta of 2.45.

USA Rare Earth (NASDAQ:USAR) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.04. The company had revenue of $5.70 million during the quarter. As a group, research analysts forecast that USA Rare Earth Inc. will post -0.35 earnings per share for the current year.

Insiders Place Their Bets

In other USA Rare Earth news, Director Carolyn Trabuco sold 13,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $22.77, for a total transaction of $296,010.00. Following the transaction, the director owned 18,783 shares in the company, valued at approximately $427,688.91. This trade represents a 40.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.10% of the company’s stock.

Institutional Trading of USA Rare Earth

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Alyeska Investment Group L.P. boosted its stake in USA Rare Earth by 44.0% during the 3rd quarter. Alyeska Investment Group L.P. now owns 12,799,325 shares of the company’s stock worth $219,034,000 after acquiring an additional 3,909,455 shares during the last quarter. Bayshore Capital Advisors LLC bought a new stake in USA Rare Earth in the fourth quarter valued at approximately $102,378,000. Vanguard Group Inc. raised its holdings in USA Rare Earth by 533.3% in the fourth quarter. Vanguard Group Inc. now owns 6,036,486 shares of the company’s stock worth $71,834,000 after purchasing an additional 5,083,288 shares during the period. State Street Corp boosted its position in shares of USA Rare Earth by 78.4% during the fourth quarter. State Street Corp now owns 5,032,866 shares of the company’s stock worth $59,891,000 after purchasing an additional 2,212,177 shares in the last quarter. Finally, Inflection Point Holdings II LLC acquired a new position in shares of USA Rare Earth in the 4th quarter valued at $37,188,000.

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.