USA Rare Earth (NASDAQ:USAR) Stock Price Up 1.7% Following Analyst Upgrade

USA Rare Earth Inc. (NASDAQ:USAR)’s share price was up 1.7% during trading on Wednesday after Texas Capital upgraded the stock to a strong-buy rating. The company traded as high as $10.35 and last traded at $10.23. 7,844,476 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 15,930,326 shares. The stock had previously closed at $10.06.

Other analysts have also issued research reports about the company. Roth Capital reduced their target price on USA Rare Earth from $40.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, July 21st. Jefferies Financial Group initiated coverage on USA Rare Earth in a report on Wednesday, September 2nd. They set a “buy” rating and a $21.00 price target on the stock. Needham & Company LLC dropped their price target on USA Rare Earth from $39.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Weiss Ratings downgraded USA Rare Earth from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of USA Rare Earth in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.71.

Hedge Funds Weigh In On USA Rare Earth

Several institutional investors and hedge funds have recently modified their holdings of USAR. BlackRock Inc. purchased a new stake in shares of USA Rare Earth during the second quarter worth $335,795,000. Bank of America Corp DE acquired a new stake in USA Rare Earth during the second quarter valued at $32,762,000. Weiss Asset Management LP purchased a new position in USA Rare Earth in the first quarter valued at about $17,103,000. Korea Investment CORP purchased a new position in USA Rare Earth in the second quarter valued at about $18,108,000. Finally, Bank of New York Mellon Corp acquired a new position in USA Rare Earth in the 2nd quarter worth about $13,510,000.

USA Rare Earth Trading Down 2.3%

The firm has a 50-day simple moving average of $15.33 and a two-hundred day simple moving average of $18.96. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of -3.88 and a beta of 2.66.

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

USA Rare Earth Company Profile

USA Rare Earth, Inc (NASDAQ:USAR) is developing an integrated domestic supply chain for rare earth and other critical minerals. The company’s activities include the exploration and planned extraction of mineral resources, processing and separation of rare earth elements, and the production of sintered neodymium-iron-boron (NdFeB) permanent magnets used in electric vehicles, wind turbines, defense systems, electronics and other advanced technologies.

The company’s flagship asset is the Round Top Mountain project in Hudspeth County, Texas.