USA Rare Earth (NASDAQ:USAR) Stock Price Down 4.5% – Here’s What Happened

USA Rare Earth Inc. (NASDAQ:USAR)’s stock price traded down 4.5% during mid-day trading on Thursday. The stock traded as low as $12.42 and last traded at $12.63. 19,622,747 shares traded hands during trading, an increase of 22% from the average daily volume of 16,045,366 shares. The stock had previously closed at $13.23.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on USAR. Roth Capital dropped their target price on USA Rare Earth from $40.00 to $30.00 and set a “buy” rating for the company in a research 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 for the company. Needham & Company LLC dropped their price objective on USA Rare Earth from $39.00 to $33.00 and set a “buy” rating for the company in a report on Wednesday, July 22nd. Weiss Ratings downgraded shares of USA Rare Earth from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of USA Rare Earth in a research note on Tuesday, August 11th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.71.

USA Rare Earth Trading Down 4.5%

The company has a market cap of $3.09 billion, a price-to-earnings ratio of -5.20 and a beta of 2.66. The stock has a 50 day moving average price of $16.76 and a two-hundred day moving average price of $19.34.

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

Institutional Trading of USA Rare Earth

Institutional investors and hedge funds have recently modified their holdings of the stock. Ascentis Independent Advisors bought a new position in USA Rare Earth during the 1st quarter worth approximately $27,000. Havemeyer Place LP bought a new stake in USA Rare Earth in the fourth quarter valued at approximately $33,000. KBC Group NV bought a new stake in USA Rare Earth in the first quarter valued at approximately $35,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in USA Rare Earth in the first quarter worth $38,000. Finally, State of Wyoming raised its holdings in USA Rare Earth by 100.4% in the first quarter. State of Wyoming now owns 2,509 shares of the company’s stock worth $38,000 after purchasing an additional 1,257 shares during the period.

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.