USA Rare Earth (NASDAQ:USAR) Stock Price Down 3.7% – Here’s What Happened

USA Rare Earth Inc. (NASDAQ:USAR)’s share price was down 3.7% during mid-day trading on Wednesday. The stock traded as low as $13.03 and last traded at $13.23. Approximately 13,909,130 shares changed hands during trading, a decline of 13% from the average daily volume of 16,018,814 shares. The stock had previously closed at $13.74.

Wall Street Analyst Weigh In

A number of brokerages have commented on USAR. Roth Capital lowered their target price on 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 started coverage on USA Rare Earth in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $21.00 price objective on the stock. Needham & Company LLC decreased their price objective on USA Rare Earth from $39.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of USA Rare Earth in a research report on Tuesday, August 11th. Finally, Weiss Ratings downgraded shares of USA Rare Earth from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. Ten research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, USA Rare Earth has a consensus rating of “Moderate Buy” and a consensus target price of $33.71.

USA Rare Earth Price Performance

The stock has a market cap of $3.24 billion, a price-to-earnings ratio of -5.44 and a beta of 2.66. The stock’s 50-day moving average is $16.75 and its 200-day moving average is $19.37.

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

Hedge Funds Weigh In On USA Rare Earth

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of 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 in the 4th quarter valued at $37,188,000. Bank of America Corp DE purchased a new stake in shares of USA Rare Earth during the 2nd quarter valued at $32,762,000. Weiss Asset Management LP acquired a new stake in shares of USA Rare Earth during the 1st quarter worth $17,103,000. Finally, Korea Investment CORP acquired a new stake in shares of USA Rare Earth during the 2nd quarter worth $18,108,000.

About USA Rare Earth

USA Rare Earth, Inc is a U.S.-based critical minerals company focused on developing a domestic, vertically integrated supply chain for rare earth elements and rare earth permanent magnets. The company’s activities span the planned mining and processing of rare earth materials and the manufacture of neodymium-iron-boron (NdFeB) magnets, which are used in electric vehicles, renewable energy systems, electronics, aerospace and defense applications.

The company’s principal resource project is the Round Top rare earth and critical minerals project in Hudspeth County, Texas.