USA Rare Earth (NASDAQ:USAR) Shares Down 14.7% – Here’s What Happened

USA Rare Earth Inc. (NASDAQ:USAR)’s stock price dropped 14.7% during trading on Thursday . The company traded as low as $12.19 and last traded at $12.20. Approximately 14,119,321 shares changed hands during trading, an increase of 155% from the average daily volume of 5,544,375 shares. The stock had previously closed at $14.30.

Analyst Upgrades and Downgrades

USAR has been the subject of a number of recent research reports. William Blair assumed coverage on shares of USA Rare Earth in a report on Monday, October 20th. They issued an “outperform” rating for the company. Canaccord Genuity Group lifted their price target on shares of USA Rare Earth from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Wall Street Zen cut USA Rare Earth from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. Weiss Ratings reissued a “sell (d)” rating on shares of USA Rare Earth in a research report on Wednesday. Finally, Cantor Fitzgerald started coverage on USA Rare Earth in a report on Friday, August 1st. They issued an “overweight” rating and a $16.00 price objective for the company. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, USA Rare Earth presently has a consensus rating of “Moderate Buy” and an average target price of $26.33.

USA Rare Earth Trading Down 14.7%

The firm’s 50-day moving average price is $20.89 and its 200 day moving average price is $15.37. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -23.46 and a beta of 0.77.

USA Rare Earth (NASDAQ:USAR) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.19).

Hedge Funds Weigh In On USA Rare Earth

A number of institutional investors have recently modified their holdings of USAR. Pier 88 Investment Partners LLC acquired a new stake in USA Rare Earth in the second quarter valued at about $588,000. Newtyn Management LLC bought a new position in shares of USA Rare Earth in the first quarter worth about $4,114,000. Titleist Asset Management LLC bought a new position in shares of USA Rare Earth in the first quarter worth about $145,000. MMCAP International Inc. SPC acquired a new stake in shares of USA Rare Earth in the 2nd quarter valued at approximately $261,000. Finally, International Assets Investment Management LLC bought a new stake in shares of USA Rare Earth during the 2nd quarter valued at approximately $250,000.

USA Rare Earth Company Profile

USA Rare Earth, Inc is domestic supplier of rare earth magnets and heavy rare earth elements. It is developing a vertically integrated, domestic supply chain for rare earth element magnet production, with a facility in Stillwater, Oklahoma, and mining rights to the Round Top heavy rare earth and critical minerals deposit in West Texas.