Rainbow Rare Earths (LON:RBW) Stock Price Down 8.6% - Here's What Happened

Key Points

• Rainbow Rare Earths Ltd shares experienced an 8.6% decline during trading, closing at GBX 16 ($0.22) after hitting a low of GBX 15.50 ($0.21).
• Berenberg Bank has restated a "buy" rating with a price target of GBX 34 ($0.46) for the company's shares.
• The company is focused on developing rare earth projects in South Africa and Brazil, particularly in neodymium and praseodymium for green energy applications.

Rainbow Rare Earths Limited (LON:RBW - Get Free Report) fell 8.6% during trading on Wednesday . The company traded as low as GBX 15.50 ($0.21) and last traded at GBX 16 ($0.22). 1,916,279 shares changed hands during trading, an increase of 176% from the average session volume of 695,465 shares. The stock had previously closed at GBX 17.50 ($0.24).

Wall Street Analyst Weigh In

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 Price Performance

The stock has a market capitalization of £129.37 million, a P/E ratio of -30,546.01 and a beta of 2.25. 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 50-day simple moving average of GBX 12.77 and a 200 day simple moving average of GBX 11.61.

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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