Rainbow Rare Earths (LON:RBW) Reaches New 12-Month High - Here's What Happened

Key Points

• Rainbow Rare Earths' shares hit a new 52-week high at GBX 18 ($0.24) during trading, with recent activity showing a slight decline to GBX 17.50.
• Berenberg Bank has reiterated a "buy" rating for Rainbow Rare Earths, setting a price target of GBX 34 ($0.46).
• The company focuses on establishing an ethical supply chain for rare earth elements essential for the green energy transition, particularly through its Phalaborwa and Uberaba projects.

Rainbow Rare Earths Limited (LON:RBW - Get Free Report) shares reached a new 52-week high during trading on Monday . The company traded as high as GBX 18 ($0.24) and last traded at GBX 17.50 ($0.24), with a volume of 4027987 shares changing hands. The stock had previously closed at GBX 18 ($0.24).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank restated a "buy" rating and set a GBX 34 ($0.46) price target on shares of Rainbow Rare Earths in a research report on Thursday, July 10th.

Rainbow Rare Earths Trading Down 2.8%

The company has a market cap of £141.50 million, a P/E ratio of -33,409.70 and a beta of 2.25. The stock's 50-day moving average is GBX 12.41 and its two-hundred day moving average is GBX 11.51. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.21 and a quick ratio of 3.79.

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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