Rainbow Rare Earths (LON:RBW) Shares Up 5.5% – Here’s What Happened

Rainbow Rare Earths Limited (LON:RBW)’s stock price was up 5.5% on Wednesday . The stock traded as high as GBX 23.40 and last traded at GBX 23. 901,868 shares were traded during trading, a decline of 10% from the average session volume of 1,000,334 shares. The stock had previously closed at GBX 21.80.

Wall Street Analysts Forecast Growth

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

Rainbow Rare Earths Trading Down 3.3%

The firm has a market capitalization of £164.43 million, a PE ratio of -21.56 and a beta of 0.46. 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 fifty day moving average of GBX 22.21 and a 200-day moving average of GBX 22.90.

Insider Transactions at Rainbow Rare Earths

In other news, insider George Bennett sold 550,000 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of GBX 21, for a total transaction of £115,500. Also, insider Alexander Lowrie purchased 95,555 shares of Rainbow Rare Earths stock in a transaction dated Thursday, August 13th. The shares were purchased at an average price of GBX 25 per share, with a total value of £23,888.75. 23.05% of the stock is owned by company insiders.

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.