USA Rare Earth (NASDAQ:USAR) Stock Price Down 7.9% on Insider Selling

Shares of USA Rare Earth Inc. (NASDAQ:USAR) dropped 7.9% during trading on Monday following insider selling activity. The company traded as low as $15.48 and last traded at $15.83. Approximately 3,141,269 shares changed hands during mid-day trading, an increase of 36% from the average daily volume of 2,303,071 shares. The stock had previously closed at $17.19.

Specifically, Director Michael Blitzer sold 2,091,849 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Ratings Changes

USAR has been the subject of a number of recent research reports. Cantor Fitzgerald initiated 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 objective for the company. Wall Street Zen lowered shares of USA Rare Earth from a “hold” rating to a “sell” rating in a research report on Saturday. Roth Capital restated a “buy” rating on shares of USA Rare Earth in a research report on Friday, June 13th. Finally, Canaccord Genuity Group initiated coverage on shares of USA Rare Earth in a research report on Friday, June 13th. They set a “buy” rating and a $17.00 target price on the stock.

USA Rare Earth Stock Performance

The stock has a 50-day moving average of $13.04.

USA Rare Earth (NASDAQ:USAR) last announced its earnings results on Monday, August 11th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.05.

Hedge Funds Weigh In On USA Rare Earth

Hedge funds have recently made changes to their positions in the stock. Lighthouse Investment Partners LLC acquired a new position in shares of USA Rare Earth in the 2nd quarter valued at $329,000. Raymond James Financial Inc. acquired a new position in shares of USA Rare Earth in the 2nd quarter valued at $223,000. LMR Partners LLP acquired a new position in shares of USA Rare Earth in the 2nd quarter valued at $145,000. NewEdge Advisors LLC boosted its holdings in shares of USA Rare Earth by 158.2% in the 2nd quarter. NewEdge Advisors LLC now owns 2,324 shares of the company’s stock valued at $25,000 after purchasing an additional 1,424 shares during the last quarter. Finally, Diametric Capital LP acquired a new position in shares of USA Rare Earth in the 2nd quarter valued at $147,000.

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.