USA Rare Earth Inc. (NASDAQ:USAR - Get Free Report) dropped 6.7% during mid-day trading on Wednesday . The stock traded as low as $13.73 and last traded at $13.85. Approximately 1,722,367 shares traded hands during trading, a decline of 27% from the average daily volume of 2,347,657 shares. The stock had previously closed at $14.84.
Analyst Upgrades and Downgrades
USAR has been the topic of several research analyst reports. Wall Street Zen cut shares of USA Rare Earth from a "hold" rating to a "sell" rating in a research report on Saturday. Roth Capital reiterated a "buy" rating on shares of USA Rare Earth in a research report on Friday, June 13th. Canaccord Genuity Group initiated coverage on shares of USA Rare Earth in a research report on Friday, June 13th. They set a "buy" rating and a $17.00 price target on the stock. Finally, Cantor Fitzgerald initiated coverage on shares of USA Rare Earth in a research report on Friday, August 1st. They set an "overweight" rating and a $16.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $16.00.
View Our Latest Research Report on USA Rare Earth
USA Rare Earth Stock Performance
The stock has a fifty day moving average price of $13.09.
USA Rare Earth (NASDAQ:USAR - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.08) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.05.
Insider Activity
In other news, Director Michael Blitzer sold 2,091,849 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $15.75, for a total value of $32,946,621.75. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 46.60% of the company's stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Newtyn Management LLC bought a new position in shares of USA Rare Earth in the first quarter worth approximately $4,114,000. Geode Capital Management LLC lifted its stake in shares of USA Rare Earth by 2,437.5% in the second quarter. Geode Capital Management LLC now owns 653,290 shares of the company's stock worth $7,160,000 after buying an additional 627,545 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of USA Rare Earth by 465.7% in the second quarter. Bank of America Corp DE now owns 242,726 shares of the company's stock worth $2,659,000 after buying an additional 199,819 shares in the last quarter. Pier 88 Investment Partners LLC bought a new position in USA Rare Earth during the second quarter valued at approximately $588,000. Finally, Advisory Services Network LLC bought a new position in USA Rare Earth during the second quarter valued at approximately $562,000.
About USA Rare Earth
(
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USA Rare Earth, Inc is domestic supplier of rare earth magnets and heavy rare earth elements. It is developing a vertically integrated, domestic supply chain for rare earth element magnet production, with a facility in Stillwater, Oklahoma, and mining rights to the Round Top heavy rare earth and critical minerals deposit in West Texas.
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