Rainbow Rare Earths (LON:RBW) Stock Price Down 1.3% – Here’s What Happened

Rainbow Rare Earths Limited (LON:RBW)’s share price dropped 1.3% during trading on Friday . The company traded as low as GBX 23.65 and last traded at GBX 23.70. 211,626 shares were traded during trading, a decline of 78% from the average daily volume of 961,588 shares. The stock had previously closed at GBX 24.

Analyst Ratings Changes

A number of research firms recently issued reports on RBW. Berenberg Bank reaffirmed a “buy” rating and issued a GBX 52 target price on shares of Rainbow Rare Earths in a research report on Wednesday, July 1st. Canaccord Genuity Group upgraded Rainbow Rare Earths to a “speculative buy” rating and raised their price target for the company from GBX 22 to GBX 39 in a research note on Tuesday, May 12th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of GBX 40.33.

Rainbow Rare Earths Stock Performance

The stock has a 50-day moving average price of GBX 22.70 and a 200-day moving average price of GBX 23.51. The company has a debt-to-equity ratio of 9.83, a current ratio of 1.22 and a quick ratio of 3.79. The company has a market capitalization of £165.83 million, a price-to-earnings ratio of -21.74 and a beta of 0.46.

Insider Activity at Rainbow Rare Earths

In related news, insider George Bennett sold 550,000 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of GBX 21, for a total transaction of £115,500. Also, insider Alexander Lowrie acquired 95,555 shares of the business’s stock in a transaction on Thursday, August 13th. The stock was acquired at an average cost of GBX 25 per share, with a total value of £23,888.75. Company insiders own 23.05% of the company’s stock.

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 and other advanced future-facing technologies.

It is doing this successfully via pioneering the first commercial recovery of rare earth elements from phosphogypsum that occurs as the by-product of phosphoric acid production. These projects eliminate the cost and risk of mining, meaning that they can be brought into production quicker and at a lower cost than traditional hard rock mining projects.

The Company is developing the Phalaborwa Project in South Africa and the earlier stage Uberaba Project in Brazil.