USA Rare Earth (NASDAQ:USAR) Given New $23.00 Price Target at Canaccord Genuity Group

USA Rare Earth (NASDAQ:USAR) had its price objective lifted by Canaccord Genuity Group from $22.00 to $23.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

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

USA Rare Earth Stock Performance

NASDAQ USAR traded up $1.54 during trading hours on Friday, hitting $17.36. 15,731,173 shares of the company’s stock were exchanged, compared to its average volume of 22,090,004. The business’s 50 day moving average is $20.63 and its 200-day moving average is $15.11. USA Rare Earth has a 12-month low of $5.56 and a 12-month high of $43.98. The firm has a market capitalization of $1.98 billion, a P/E ratio of -64.30 and a beta of 0.77.

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

Insider Activity at USA Rare Earth

In related news, Director Michael Blitzer sold 2,091,849 shares of USA Rare Earth stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $15.75, for a total transaction of $32,946,621.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 46.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Titleist Asset Management LLC acquired a new position in shares of USA Rare Earth during the first quarter worth about $145,000. Newtyn Management LLC purchased a new stake in shares of USA Rare Earth during the 1st quarter valued at about $4,114,000. International Assets Investment Management LLC acquired a new position in USA Rare Earth during the 2nd quarter worth approximately $250,000. MMCAP International Inc. SPC purchased a new position in USA Rare Earth in the 2nd quarter worth approximately $261,000. Finally, Pier 88 Investment Partners LLC acquired a new stake in USA Rare Earth in the second quarter valued at approximately $588,000.

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.