USA Rare Earth (NASDAQ:USAR) Trading 9.2% Higher – Here’s What Happened

USA Rare Earth Inc. (NASDAQ:USAR)’s share price traded up 9.2% during trading on Monday . The company traded as high as $17.04 and last traded at $16.78. Approximately 17,402,107 shares were traded during trading, an increase of 7% from the average daily volume of 16,256,052 shares. The stock had previously closed at $15.37.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Benchmark reiterated a “buy” rating on shares of USA Rare Earth in a research report on Wednesday, June 3rd. Weiss Ratings cut shares of USA Rare Earth from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. Cantor Fitzgerald restated an “overweight” rating on shares of USA Rare Earth in a report on Tuesday, August 11th. Jefferies Financial Group began coverage on shares of USA Rare Earth in a research report on Wednesday, September 2nd. They set a “buy” rating and a $21.00 target price on the stock. Finally, Needham & Company LLC reduced their price target on USA Rare Earth from $39.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday, July 22nd. Ten research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, USA Rare Earth has a consensus rating of “Moderate Buy” and a consensus price target of $33.71.

USA Rare Earth Stock Performance

The company has a 50 day moving average of $16.99 and a two-hundred day moving average of $19.76. The stock has a market capitalization of $4.11 billion, a PE ratio of -6.91 and a beta of 2.58.

USA Rare Earth (NASDAQ:USAR) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.08). The business had revenue of $5.82 million during the quarter. As a group, research analysts predict that USA Rare Earth Inc. will post -0.62 EPS for the current fiscal year.

Hedge Funds Weigh In On USA Rare Earth

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in USA Rare Earth in the 2nd quarter worth approximately $335,795,000. Inflection Point Holdings II LLC acquired a new position in USA Rare Earth during the 4th quarter valued at approximately $37,188,000. Bank of America Corp DE purchased a new position in shares of USA Rare Earth in the second quarter worth $32,762,000. Weiss Asset Management LP acquired a new stake in shares of USA Rare Earth during the first quarter worth $17,103,000. Finally, Korea Investment CORP purchased a new stake in shares of USA Rare Earth during the second quarter valued at $18,108,000.

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.