Canaccord Genuity Group Initiates Coverage on USA Rare Earth (NASDAQ:USAR)

Research analysts at Canaccord Genuity Group began coverage on shares of USA Rare Earth (NASDAQ:USAR) in a report released on Friday, MarketBeat.com reports. The brokerage set a “buy” rating and a $17.00 price target on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 28.40% from the company’s previous close.

Separately, Roth Capital initiated coverage on shares of USA Rare Earth in a research report on Thursday, May 29th. They set a “buy” rating and a $15.00 target price on the stock.

USA Rare Earth Stock Performance

USAR opened at $13.24 on Friday. The firm has a 50 day moving average of $10.64. USA Rare Earth has a 1-year low of $5.56 and a 1-year high of $20.00.

USA Rare Earth (NASDAQ:USAR) last posted its earnings results on Wednesday, May 14th. The company reported ($0.19) EPS for the quarter.

Institutional Investors Weigh In On USA Rare Earth

An institutional investor recently bought a new position in USA Rare Earth stock. Newtyn Management LLC purchased a new position in USA Rare Earth Inc (NASDAQ:USAR) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 692,650 shares of the company’s stock, valued at approximately $4,114,000. USA Rare Earth accounts for approximately 0.7% of Newtyn Management LLC’s investment portfolio, making the stock its 24th largest position. Newtyn Management LLC owned 0.85% of USA Rare Earth as of its most recent filing with the Securities and Exchange Commission.

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.