Rainbow Rare Earths (LON:RBW) Stock Price Up 8.3% - What's Next?

Key Points

• Rainbow Rare Earths stock rose 8.3% on Monday, with trading volumes increasing by 769% compared to the average daily volume.
• Berenberg Bank has reduced the price target for Rainbow Rare Earths shares from GBX 34 to GBX 33, while maintaining a "buy" rating.
• The company focuses on developing rare earth deposits faster and more efficiently, particularly through its Phalaborwa Project in South Africa and the Uberaba Project in Brazil.

Rainbow Rare Earths Limited (LON:RBW - Get Free Report) shares rose 8.3% during mid-day trading on Monday . The stock traded as high as GBX 22.50 ($0.30) and last traded at GBX 22.20 ($0.30). Approximately 7,151,767 shares changed hands during trading, an increase of 769% from the average daily volume of 822,839 shares. The stock had previously closed at GBX 20.50 ($0.27).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank lowered their price target on shares of Rainbow Rare Earths from GBX 34 to GBX 33 and set a "buy" rating on the stock in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of GBX 33.

Rainbow Rare Earths Price Performance

The stock has a 50 day simple moving average of GBX 17.03 and a two-hundred day simple moving average of GBX 13.42. The company has a market cap of £143.03 million, a price-to-earnings ratio of -2,960.00 and a beta of 2.25. 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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