USA Rare Earth (NASDAQ:USAR) Stock Price Down 7.8% - What's Next?

Key Points

• USA Rare Earth Inc. (NASDAQ:USAR) shares dropped 7.8% during trading on Wednesday, reaching a low of $17.46 before closing at $17.55, with trading volume increasing by 110% from the average daily volume.
• The company reported quarterly earnings of ($0.08) per share, which exceeded the consensus estimate of ($0.13), signaling a positive performance.
• Institutional investors have shown strong interest in USAR, with notable purchases by firms like Geode Capital Management, which increased its stake by 2,437.5% during the second quarter.

Shares of USA Rare Earth Inc. (NASDAQ:USAR - Get Free Report) dropped 7.8% during trading on Wednesday . The company traded as low as $17.46 and last traded at $17.55. Approximately 4,637,673 shares changed hands during trading, an increase of 110% from the average daily volume of 2,204,297 shares. The stock had previously closed at $19.04.

Analyst Ratings Changes

USAR has been the topic of a number of research reports. Wall Street Zen upgraded shares of USA Rare Earth from a "strong sell" rating to a "hold" rating in a report on Saturday, August 2nd. Roth Capital reiterated a "buy" rating on shares of USA Rare Earth in a research note on Friday, June 13th. Canaccord Genuity Group began coverage on shares of USA Rare Earth in a research note on Friday, June 13th. They issued a "buy" rating and a $17.00 price target on the stock. Finally, Cantor Fitzgerald started coverage on shares of USA Rare Earth in a research note on Friday, August 1st. They issued an "overweight" rating and a $16.00 price target on the stock.

USA Rare Earth Stock Performance

The firm's 50-day moving average is $12.60.

USA Rare Earth (NASDAQ:USAR - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.05.

Institutional Investors Weigh In On USA Rare Earth

Several large investors have recently bought and sold shares of USAR. Newtyn Management LLC purchased a new stake in shares of USA Rare Earth during the first quarter valued at $4,114,000. Geode Capital Management LLC lifted its position in shares of USA Rare Earth by 2,437.5% during the second quarter. Geode Capital Management LLC now owns 653,290 shares of the company's stock valued at $7,160,000 after buying an additional 627,545 shares during the last quarter. Pier 88 Investment Partners LLC purchased a new position in shares of USA Rare Earth in the 2nd quarter valued at approximately $588,000. Titleist Asset Management LLC raised its position in shares of USA Rare Earth by 20.2% in the 2nd quarter. Titleist Asset Management LLC now owns 29,380 shares of the company's stock valued at $322,000 after purchasing an additional 4,930 shares during the last quarter. Finally, MMCAP International Inc. SPC acquired a new position in USA Rare Earth in the 2nd quarter worth approximately $261,000.

USA Rare Earth Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.