USA Rare Earth Inc. $USAR Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC cut its stake in USA Rare Earth Inc. (NASDAQ:USAR) by 14.2% in the 1st quarter, HoldingsChannel reports. The fund owned 955,378 shares of the company’s stock after selling 157,622 shares during the period. Renaissance Technologies LLC’s holdings in USA Rare Earth were worth $14,460,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Bayshore Capital Advisors LLC bought a new stake in USA Rare Earth during the fourth quarter worth approximately $102,378,000. Vanguard Group Inc. increased its position in shares of USA Rare Earth by 533.3% during the 4th quarter. Vanguard Group Inc. now owns 6,036,486 shares of the company’s stock valued at $71,834,000 after purchasing an additional 5,083,288 shares during the period. Alyeska Investment Group L.P. increased its position in shares of USA Rare Earth by 44.0% during the 3rd 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 during the period. Inflection Point Holdings II LLC bought a new stake in shares of USA Rare Earth in the 4th quarter worth $37,188,000. Finally, State Street Corp raised its stake in shares of USA Rare Earth by 78.4% in the 4th quarter. State Street Corp now owns 5,032,866 shares of the company’s stock worth $59,891,000 after buying an additional 2,212,177 shares in the last quarter.

USA Rare Earth Stock Performance

USA Rare Earth stock opened at $14.95 on Friday. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of -3.81 and a beta of 2.45. USA Rare Earth Inc. has a 1 year low of $11.13 and a 1 year high of $43.98. The firm’s 50 day moving average price is $20.69 and its two-hundred day moving average price is $20.51.

USA Rare Earth (NASDAQ:USAR) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.04. The company had revenue of $5.70 million for the quarter. As a group, equities analysts predict that USA Rare Earth Inc. will post -0.35 EPS for the current fiscal year.

Insider Activity

In other news, Director Carolyn Trabuco sold 13,000 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $22.77, for a total transaction of $296,010.00. Following the sale, the director directly owned 18,783 shares of the company’s stock, valued at $427,688.91. The trade was a 40.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.10% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on USAR. Needham & Company LLC cut 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. Benchmark reaffirmed a “buy” rating on shares of USA Rare Earth in a report on Wednesday, June 3rd. Wedbush boosted their price target on shares of USA Rare Earth from $29.00 to $35.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Canaccord Genuity Group upped their price target on shares of USA Rare Earth from $29.00 to $32.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Finally, Roth Capital reduced their price objective on shares of 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. Nine analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, USA Rare Earth presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.83.

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.