Rainbow Rare Earths (LON:RBW) Shares Up 3.3% – Here’s What Happened

Shares of Rainbow Rare Earths Limited (LON:RBW) shot up 3.3% during trading on Monday . The stock traded as high as GBX 18 and last traded at GBX 18. 401,378 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 1,005,713 shares. The stock had previously closed at GBX 17.43.

Analysts Set New Price Targets

Separately, Berenberg Bank reaffirmed a “buy” rating and issued a GBX 33 price target on shares of Rainbow Rare Earths in a report on Monday, November 24th. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of GBX 33.

Rainbow Rare Earths Stock Up 3.3%

The company has a current ratio of 0.21, a quick ratio of 3.79 and a debt-to-equity ratio of 3.34. The firm has a market cap of £115.97 million, a P/E ratio of -36.73 and a beta of 2.25. The stock’s fifty day moving average is GBX 19.39 and its two-hundred day moving average is GBX 16.10.

Rainbow Rare Earths Company Profile

Rainbow Rare Earths aims to be a forerunner in the establishment of an independent and ethical supply chain of the rare earth elements that are driving the green energy transition. It is doing this successfully via the identification and development of secondary rare earth deposits that can be brought into production quicker and at a lower cost than traditional hard rock mining projects, with a focus on the permanent magnet rare earth elements neodymium and praseodymium, dysprosium and terbium.

The Company is focused on the development of the Phalaborwa Rare Earths Project in South Africa and the earlier stage Uberaba Project in Brazil.