Rainbow Rare Earths (LON:RBW) Hits New 1-Year High - Here's What Happened

Key Points

• Rainbow Rare Earths' stock reached a new 52-week high of GBX 16 ($0.21) during trading, with significant volume of nearly 2 million shares traded.
• Berenberg Bank has reiterated a "buy" rating with a target price of GBX 34 ($0.45), indicating strong growth potential for the company.
• The company is focused on the development of the Phalaborwa Rare Earths Project in South Africa and is working to establish a sustainable supply chain for critical rare earth elements.

Shares of Rainbow Rare Earths Limited (LON:RBW - Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as GBX 16 ($0.22) and last traded at GBX 15 ($0.20), with a volume of 1976486 shares. The stock had previously closed at GBX 13.75 ($0.18).

Analysts Set New Price Targets

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

Rainbow Rare Earths Stock Up 6.8%

The company has a market capitalization of £145.54 million, a P/E ratio of -34,364.26 and a beta of 2.25. The stock has a 50-day moving average price of GBX 12.28 and a 200-day moving average price of GBX 11.48. 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.