USA Rare Earth (NASDAQ:USAR) Shares Up 20.4% on Earnings Beat

Shares of USA Rare Earth Inc. (NASDAQ:USAR) shot up 20.4% on Tuesday following a stronger than expected earnings report. The stock traded as high as $18.76 and last traded at $18.59. 4,772,981 shares traded hands during trading, an increase of 127% from the average session volume of 2,106,226 shares. The stock had previously closed at $15.44.

The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.05.

Wall Street Analyst Weigh In

Several brokerages have commented on USAR. Roth Capital reaffirmed a “buy” rating on shares of USA Rare Earth in a report on Friday, June 13th. Canaccord Genuity Group began coverage on USA Rare Earth in a report on Friday, June 13th. They set a “buy” rating and a $17.00 target price on the stock. Wall Street Zen raised USA Rare Earth from a “strong sell” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Cantor Fitzgerald began coverage on USA Rare Earth in a report on Friday, August 1st. They set an “overweight” rating and a $16.00 target price on the stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in USAR. SBI Securities Co. Ltd. raised its position in shares of USA Rare Earth by 10,448.0% in the 2nd quarter. SBI Securities Co. Ltd. now owns 2,637 shares of the company’s stock worth $29,000 after acquiring an additional 2,612 shares in the last quarter. Titleist Asset Management LLC bought a new position in shares of USA Rare Earth in the 1st quarter worth about $145,000. International Assets Investment Management LLC bought a new position in shares of USA Rare Earth in the 2nd quarter worth about $250,000. MMCAP International Inc. SPC bought a new position in shares of USA Rare Earth in the 2nd quarter worth about $261,000. Finally, Pier 88 Investment Partners LLC bought a new position in shares of USA Rare Earth in the 2nd quarter worth about $588,000.

USA Rare Earth Stock Up 23.3%

The company has a 50-day moving average price of $12.60.

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.