Rainbow Rare Earths (LON:RBW) Hits New 12-Month High - Still a Buy?

Key Points

• Rainbow Rare Earths Limited shares reached a new 52-week high, trading at GBX 20.50 and closing at GBX 20, with a significant trading volume of over 3 million shares.
• Berenberg Bank has set a price target of GBX 34 for the stock, which has received a consensus rating of "Buy" from analysts.
• The company is focused on establishing an ethical supply chain for rare earth elements, particularly through its Phalaborwa Rare Earths Project in South Africa.

Rainbow Rare Earths Limited (LON:RBW - Get Free Report) shares reached a new 52-week high on Monday . The stock traded as high as GBX 20.50 ($0.28) and last traded at GBX 20 ($0.27), with a volume of 3163601 shares changing hands. The stock had previously closed at GBX 19.50 ($0.26).

Analysts Set New Price Targets

Separately, Berenberg Bank reiterated a "buy" rating and set a GBX 34 price target on shares of Rainbow Rare Earths in a research note on Monday, September 22nd. One analyst has rated the stock with a Buy rating, According to MarketBeat, Rainbow Rare Earths has a consensus rating of "Buy" and an average target price of GBX 34.

Rainbow Rare Earths Stock Performance

The company's 50-day moving average price is GBX 16.39 and its two-hundred day moving average price is GBX 13.05. The company has a debt-to-equity ratio of 3.34, a quick ratio of 3.79 and a current ratio of 0.21. The stock has a market cap of £128.85 million, a PE ratio of -2,666.67 and a beta of 2.25.

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. It is doing this successfully via the identification and development of secondary rare earth deposits that can be brought into production quicker and at a lower cost than traditional hard rock mining projects, with a focus on the permanent magnet rare earth elements neodymium and praseodymium, dysprosium and terbium. The Company is focused on the development of the Phalaborwa Rare Earths Project in South Africa and the earlier stage Uberaba Project in Brazil.

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