Rainbow Rare Earths (LON:RBW) Stock Price Down 7.6% – Here’s Why

Rainbow Rare Earths Limited (LON:RBW) fell 7.6% during trading on Thursday . The company traded as low as GBX 21.10 and last traded at GBX 21.25. 2,930,719 shares were traded during trading, an increase of 147% from the average session volume of 1,188,254 shares. The stock had previously closed at GBX 23.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Berenberg Bank reissued a “buy” rating and issued a GBX 34 target price on shares of Rainbow Rare Earths in a research report on Wednesday, March 11th. Stifel Nicolaus reaffirmed a “buy” rating and set a GBX 30 price target on shares of Rainbow Rare Earths in a research note on Wednesday, March 11th. Finally, Canaccord Genuity Group raised shares of Rainbow Rare Earths to a “speculative buy” rating and boosted their price objective for the company from GBX 22 to GBX 39 in a research note on Tuesday, May 12th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of GBX 34.33.

Rainbow Rare Earths Stock Performance

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 market cap of £153.93 million, a PE ratio of -20.18 and a beta of 0.46. The stock’s 50 day moving average price is GBX 25.33 and its 200 day moving average price is GBX 21.75.

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.