USA Rare Earth (NASDAQ:USAR) Trading Up 9.7% Following Analyst Upgrade

USA Rare Earth Inc. (NASDAQ:USAR)’s share price traded up 9.7% during mid-day trading on Friday after Canaccord Genuity Group raised their price target on the stock from $22.00 to $23.00. Canaccord Genuity Group currently has a buy rating on the stock. USA Rare Earth traded as high as $17.45 and last traded at $17.36. 15,643,213 shares traded hands during mid-day trading, an increase of 191% from the average session volume of 5,379,718 shares. The stock had previously closed at $15.82.

Several other research analysts also recently issued reports on the stock. Roth Capital set a $40.00 target price on shares of USA Rare Earth in a research note on Friday, October 10th. Cantor Fitzgerald started coverage on shares of USA Rare Earth in a report on Friday, August 1st. They issued an “overweight” rating and a $16.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of USA Rare Earth in a research note on Wednesday, October 8th. William Blair started coverage on USA Rare Earth in a report on Monday, October 20th. They issued an “outperform” rating for the company. Finally, Wall Street Zen downgraded USA Rare Earth from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $26.33.

Insider Transactions at USA Rare Earth

In other USA Rare Earth news, Director Michael Blitzer sold 2,091,849 shares of USA Rare Earth 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 46.60% of the company’s stock.

Hedge Funds Weigh In On USA Rare Earth

A number of institutional investors and hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC grew its holdings in shares of USA Rare Earth by 158.2% in the second quarter. NewEdge Advisors LLC now owns 2,324 shares of the company’s stock worth $25,000 after acquiring an additional 1,424 shares during the period. SBI Securities Co. Ltd. lifted its holdings in USA Rare Earth by 10,448.0% in the second quarter. SBI Securities Co. Ltd. now owns 2,637 shares of the company’s stock valued at $29,000 after acquiring an additional 2,612 shares during the period. Osaic Holdings Inc. purchased a new position in USA Rare Earth in the second quarter worth about $38,000. KLP Kapitalforvaltning AS bought a new stake in shares of USA Rare Earth during the 3rd quarter valued at about $69,000. Finally, Jones Financial Companies Lllp increased its position in shares of USA Rare Earth by 2,204.3% during the 3rd quarter. Jones Financial Companies Lllp now owns 8,065 shares of the company’s stock valued at $140,000 after purchasing an additional 7,715 shares during the last quarter.

USA Rare Earth Trading Up 9.7%

The company’s 50 day moving average price is $20.58 and its two-hundred day moving average price is $15.07. The stock has a market cap of $1.98 billion, a P/E ratio of -64.30 and a beta of 0.77.

USA Rare Earth (NASDAQ:USAR) last announced its earnings results on Thursday, November 6th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.19).

About USA Rare Earth

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.