USA Rare Earth (NASDAQ:USAR) Stock Price Down 6.8% – Here’s Why

USA Rare Earth Inc. (NASDAQ:USAR)’s stock price dropped 6.8% on Wednesday. The company traded as low as $15.80 and last traded at $15.83. Approximately 13,103,925 shares traded hands during trading, a decline of 19% from the average daily volume of 16,229,658 shares. The stock had previously closed at $16.99.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Benchmark reaffirmed a “buy” rating on shares of USA Rare Earth in a report on Wednesday, June 3rd. Roth Capital reduced their price objective on 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. Weiss Ratings cut USA Rare Earth from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of USA Rare Earth in a research report on Tuesday, August 11th. Finally, Needham & Company LLC reduced their target price 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. Ten equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, USA Rare Earth presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.71.

USA Rare Earth Trading Down 0.9%

The firm has a market cap of $3.73 billion, a PE ratio of -6.26 and a beta of 2.58. The company’s 50-day moving average is $16.92 and its 200 day moving average is $19.69.

USA Rare Earth (NASDAQ:USAR) last posted its quarterly earnings data 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 business had revenue of $5.82 million for the quarter. On average, research analysts predict that USA Rare Earth Inc. will post -0.62 EPS for the current fiscal year.

Institutional Investors Weigh In On USA Rare Earth

A number of institutional investors have recently bought and sold shares of USAR. MCF Advisors LLC acquired a new position in shares of USA Rare Earth in the 2nd quarter valued at about $43,000. RFG Advisory LLC boosted its holdings in shares of USA Rare Earth by 459.1% during the second quarter. RFG Advisory LLC now owns 59,835 shares of the company’s stock worth $1,291,000 after purchasing an additional 49,133 shares during the period. IFP Advisors Inc grew its position in USA Rare Earth by 477.4% during the second quarter. IFP Advisors Inc now owns 67,896 shares of the company’s stock valued at $1,465,000 after purchasing an additional 56,137 shares in the last quarter. Arizona State Retirement System grew its position in USA Rare Earth by 129.7% during the second quarter. Arizona State Retirement System now owns 48,117 shares of the company’s stock valued at $1,038,000 after purchasing an additional 27,166 shares in the last quarter. Finally, Nykredit A S acquired a new position in USA Rare Earth in the 2nd quarter valued at approximately $115,000.

About USA Rare Earth

USA Rare Earth, Inc is a U.S.-focused critical minerals company developing an integrated rare earth supply chain. Its activities center on the production of rare earth materials used in permanent magnets, electric vehicles, wind turbines, defense systems, electronics and other advanced technologies.

The company’s principal asset is the Round Top rare earth and critical minerals project in Hudspeth County, Texas. USA Rare Earth is advancing plans to mine and process ore from Round Top and produce separated rare earth oxides and other critical mineral products, including materials containing neodymium, praseodymium, dysprosium and terbium.