Altona Rare Earths (LON:REE) Trading Down 9.2% – Here’s Why

Altona Rare Earths Plc (LON:REE)’s share price was down 9.2% during trading on Wednesday . The stock traded as low as GBX 2.23 and last traded at GBX 2.27. Approximately 9,230,159 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 15,254,792 shares. The stock had previously closed at GBX 2.50.

Altona Rare Earths Stock Down 9.2%

The stock has a market capitalization of £10.08 million, a price-to-earnings ratio of -5.42 and a beta of 1.26. The company has a 50 day moving average of GBX 3.27 and a 200 day moving average of GBX 2.32.

Altona Rare Earths (LON:REE) last posted its quarterly earnings results on Thursday, March 26th. The company reported GBX (0.16) earnings per share (EPS) for the quarter.

Insider Transactions at Altona Rare Earths

In other news, insider Harvey Sinclair purchased 154,995 shares of the stock in a transaction on Friday, May 8th. The stock was purchased at an average price of GBX 3 per share, with a total value of £4,649.85. Company insiders own 13.44% of the company’s stock.

Altona Rare Earths Company Profile

Altona Rare Earth (LSE: REE) is a resource exploration and development company, specializing in Critical Raw Materials exploration and development in Africa.

The Company is currently involved in copper and silver exploration at the Sesana project in the Kalahari Copper Belt of Botswana, in rare earths exploration at the Monte Muambe project in Mozambique, and is also assessing the possibility to rapidly develop a fluorspar mining operation, also at Monte Muambe.

Monte Muambe, a significant REE mining project, is a carbonatite-hosted REE deposit.