USA Rare Earth (NASDAQ:USAR) Stock Price Down 3.1% – Here’s What Happened

USA Rare Earth Inc. (NASDAQ:USAR) shares fell 3.1% during mid-day trading on Tuesday . The stock traded as low as $16.96 and last traded at $17.26. 9,825,752 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 16,469,271 shares. The stock had previously closed at $17.82.

Wall Street Analyst Weigh In

USAR has been the topic of a number of research reports. Benchmark restated a “buy” rating on shares of USA Rare Earth in a research note on Wednesday, June 3rd. Roth Capital reduced their target price on shares of USA Rare Earth from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. Needham & Company LLC lowered 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. Weiss Ratings cut shares of USA Rare Earth from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. Finally, Wedbush raised their price objective on shares of USA Rare Earth from $29.00 to $35.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $35.83.

USA Rare Earth Stock Performance

The company’s 50 day simple moving average is $17.94 and its 200-day simple moving average is $20.04. The firm has a market capitalization of $3.85 billion, a PE ratio of -7.10 and a beta of 2.55.

USA Rare Earth (NASDAQ:USAR) last released 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 firm had revenue of $5.82 million for the quarter. On average, equities research analysts forecast that USA Rare Earth Inc. will post -0.62 earnings per share for the current fiscal year.

Insider Activity at USA Rare Earth

In related news, Director Carolyn Trabuco sold 13,000 shares of USA Rare Earth stock in a transaction on Monday, June 8th. The shares were sold at an average price of $22.77, for a total value of $296,010.00. Following the transaction, the director owned 18,783 shares in the company, valued at $427,688.91. This trade represents a 40.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 9.10% of the company’s stock.

Institutional Trading of USA Rare Earth

Institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC raised its stake in shares of USA Rare Earth by 158.2% during the second quarter. NewEdge Advisors LLC now owns 2,324 shares of the company’s stock valued at $25,000 after acquiring an additional 1,424 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in USA Rare Earth in the second quarter worth $223,000. Lighthouse Investment Partners LLC bought a new stake in USA Rare Earth in the second quarter valued at $329,000. Bank of America Corp DE increased its position in USA Rare Earth by 465.7% during the 2nd quarter. Bank of America Corp DE now owns 242,726 shares of the company’s stock valued at $2,659,000 after purchasing an additional 199,819 shares during the period. Finally, LMR Partners LLP purchased a new position in USA Rare Earth during the 2nd quarter valued at $145,000.

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.