USA Rare Earth (NASDAQ:USAR) Sets New 1-Year Low – What’s Next?
by Doug Wharley · The Cerbat GemUSA Rare Earth Inc. (NASDAQ:USAR – Get Free Report) shares hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $9.72 and last traded at $9.9430, with a volume of 1,760,134 shares trading hands. The stock had previously closed at $10.09.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the stock. Roth Capital cut their price target on shares of USA Rare Earth from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, July 21st. Needham & Company LLC reduced their price target on shares of USA Rare Earth from $39.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. Weiss Ratings lowered shares of USA Rare Earth from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. Jefferies Financial Group started coverage on shares of USA Rare Earth in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $21.00 price objective for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of USA Rare Earth in a research report on Tuesday, August 11th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, USA Rare Earth presently has a consensus rating of “Moderate Buy” and an average price target of $33.71.
USA Rare Earth Stock Performance
The stock has a fifty day moving average price of $15.85 and a 200-day moving average price of $19.08. The firm has a market capitalization of $2.52 billion, a PE ratio of -4.24 and a beta of 2.66.
USA Rare Earth (NASDAQ:USAR – Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.08). The firm had revenue of $5.82 million during the quarter. Research analysts expect that USA Rare Earth Inc. will post -0.62 earnings per share for the current fiscal year.
Hedge Funds Weigh In On USA Rare Earth
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Overbrook Management Corp purchased a new position in shares of USA Rare Earth in the 3rd quarter worth approximately $3,145,000. BlackRock Inc. bought a new position in shares of USA Rare Earth during the 2nd quarter worth approximately $335,795,000. Weiss Asset Management LP purchased a new stake in USA Rare Earth during the first quarter valued at approximately $17,103,000. Encompass Capital Advisors LLC purchased a new stake in USA Rare Earth during the first quarter valued at approximately $7,038,000. Finally, Swiss National Bank lifted its position in USA Rare Earth by 67.6% during the first quarter. Swiss National Bank now owns 150,500 shares of the company’s stock valued at $2,278,000 after acquiring an additional 60,700 shares during the last quarter.
About USA Rare Earth
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.