Rainbow Rare Earths Limited (LON:RBW – Get Free Report)’s share price traded down 3.5% during mid-day trading on Thursday. The stock traded as low as GBX 20.50 and last traded at GBX 20.50. 286,407 shares were traded during trading, a decline of 70% from the average session volume of 945,593 shares. The stock had previously closed at GBX 21.25.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on RBW shares. Berenberg Bank reissued a “buy” rating and set a GBX 52 price objective on shares of Rainbow Rare Earths in a report on Thursday, September 24th. Canaccord Genuity Group reaffirmed a “speculative buy” rating and issued a GBX 39 target price on shares of Rainbow Rare Earths in a report on Thursday, September 24th. Three research analysts have rated the stock with a Buy rating. Based on data from MarketBeat, Rainbow Rare Earths has an average rating of “Buy” and a consensus price target of GBX 40.33.
Rainbow Rare Earths Price Performance
The firm has a market capitalization of £143.99 million, a price-to-earnings ratio of -18.81 and a beta of 0.46. The company has a current ratio of 1.22, a quick ratio of 3.79 and a debt-to-equity ratio of 9.83. The firm has a fifty day moving average price of GBX 23.32 and a 200 day moving average price of GBX 23.63.
Insider Activity
In related news, insider Alexander Lowrie bought 95,555 shares of Rainbow Rare Earths stock in a transaction dated Thursday, August 13th. The shares were bought at an average cost of GBX 25 per share, for a total transaction of £23,888.75. Also, insider George Bennett sold 550,000 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of GBX 21, for a total transaction of £115,500. 23.30% of the stock is owned by corporate insiders.
About Rainbow Rare Earths
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.
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