USA Rare Earth (NASDAQ:USAR) Stock Price Down 12.7% – Here’s What Happened

USA Rare Earth Inc. (NASDAQ:USAR) was down 12.7% during mid-day trading on Monday . The stock traded as low as $14.78 and last traded at $14.87. Approximately 9,544,304 shares changed hands during mid-day trading, an increase of 63% from the average daily volume of 5,841,659 shares. The stock had previously closed at $17.04.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. William Blair assumed coverage on shares of USA Rare Earth in a research note on Monday, October 20th. They set an “outperform” rating on the stock. Benchmark restated a “buy” rating on shares of USA Rare Earth in a research report on Monday, December 8th. UBS Group reiterated a “buy” rating on shares of USA Rare Earth in a research report on Monday, December 8th. Canaccord Genuity Group raised their price objective 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. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of USA Rare Earth in a research note on Monday, December 8th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, USA Rare Earth currently has an average rating of “Moderate Buy” and an average target price of $26.33.

USA Rare Earth Trading Down 9.6%

The firm has a market cap of $1.80 billion, a PE ratio of -26.08 and a beta of 0.91. The firm has a fifty day simple moving average of $19.52 and a two-hundred day simple moving average of $16.13.

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

Hedge Funds Weigh In On USA Rare Earth

Hedge funds and other institutional investors have recently modified their holdings of the stock. Tudor Investment Corp ET AL bought a new position in USA Rare Earth in the third quarter worth about $8,304,000. IFP Advisors Inc bought a new position in shares of USA Rare Earth in the 3rd quarter worth approximately $214,000. Advisory Services Network LLC lifted its stake in shares of USA Rare Earth by 2.0% in the 3rd quarter. Advisory Services Network LLC now owns 52,366 shares of the company’s stock valued at $900,000 after purchasing an additional 1,032 shares during the period. XTX Topco Ltd purchased a new position in shares of USA Rare Earth in the 3rd quarter valued at approximately $686,000. Finally, Alyeska Investment Group L.P. boosted its position in shares of USA Rare Earth by 44.0% during the third quarter. Alyeska Investment Group L.P. now owns 12,799,325 shares of the company’s stock valued at $219,034,000 after purchasing an additional 3,909,455 shares in the last quarter.

About USA Rare Earth

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.