USA Rare Earth (NASDAQ:USAR) Stock Jumps 16.7% – Here’s What Happened

Shares of USA Rare Earth Inc. (NASDAQ:USAR) shot up 16.7% on Tuesday. The stock traded as high as $10.49 and last traded at $10.40. 21,032,580 shares were traded during trading, an increase of 32% from the average daily volume of 15,892,254 shares. The stock had previously closed at $8.91.

Analysts Set New Price Targets

USAR has been the subject of several recent analyst reports. Jefferies Financial Group initiated coverage on shares of USA Rare Earth in a research report on Wednesday, September 2nd. They set a “buy” rating and a $21.00 price objective for the company. Roth Capital decreased their target price on shares of USA Rare Earth from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. Wall Street Zen cut shares of USA Rare Earth from a “sell” rating to a “strong sell” rating in a research note on Saturday. Cantor Fitzgerald restated an “overweight” rating on shares of USA Rare Earth in a report on Tuesday, August 11th. Finally, Needham & Company LLC reduced their price target on shares of USA Rare Earth from $39.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.71.

USA Rare Earth Stock Performance

The stock’s 50-day moving average is $14.94 and its two-hundred day moving average is $18.95. The stock has a market cap of $2.55 billion, a PE ratio of -4.28 and a beta of 2.66.

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

Institutional Investors Weigh In On USA Rare Earth

Institutional investors have recently modified their holdings of the company. Corecam Pte. Ltd. lifted its stake in USA Rare Earth by 33.0% during the 3rd quarter. Corecam Pte. Ltd. now owns 19,606 shares of the company’s stock worth $276,000 after acquiring an additional 4,869 shares in the last quarter. Wedbush Securities Inc. purchased a new stake in USA Rare Earth during the third quarter worth about $247,000. Sterling Capital Management LLC lifted its position in shares of USA Rare Earth by 955.3% during the third quarter. Sterling Capital Management LLC now owns 7,197 shares of the company’s stock worth $101,000 after purchasing an additional 6,515 shares in the last quarter. Credit Capital Investments LLC acquired a new stake in shares of USA Rare Earth during the third quarter worth about $324,000. Finally, Brookstone Capital Management boosted its stake in shares of USA Rare Earth by 48.0% in the third quarter. Brookstone Capital Management now owns 16,259 shares of the company’s stock valued at $229,000 after purchasing an additional 5,275 shares during the period.

USA Rare Earth Company Profile

USA Rare Earth, Inc (NASDAQ:USAR) is developing an integrated domestic supply chain for rare earth and other critical minerals. The company’s activities include the exploration and planned extraction of mineral resources, processing and separation of rare earth elements, and the production of sintered neodymium-iron-boron (NdFeB) permanent magnets used in electric vehicles, wind turbines, defense systems, electronics and other advanced technologies.

The company’s flagship asset is the Round Top Mountain project in Hudspeth County, Texas.