Savannah Resources (LON:SAV) Shares Pass Below 200-Day Moving Average - Here's What Happened

Key Points

• Savannah Resources shares fell below their 200-day moving average, trading at GBX 3.50 ($0.05) compared to the average of GBX 4.18 ($0.06).
• Canaccord Genuity Group maintained a "speculative buy" rating and set a target price of GBX 9 for Savannah Resources shares.
• The company holds various mineral properties, including the Mutamba heavy mineral sands project in Mozambique and a 75% stake in the Mina do Barroso Project in Portugal.

Savannah Resources (LON:SAV - Get Free Report)'s share price crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of GBX 4.18 ($0.06) and traded as low as GBX 3.50 ($0.05). Savannah Resources shares last traded at GBX 4.18 ($0.06), with a volume of 5,491,711 shares changing hands.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group restated a "speculative buy" rating and issued a GBX 9 target price on shares of Savannah Resources in a report on Tuesday, May 6th. One research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of GBX 9.

Savannah Resources Trading Up 3.5%

The business's 50-day moving average price is GBX 3.57 and its 200 day moving average price is GBX 4.18. The company has a debt-to-equity ratio of 0.17, a current ratio of 9.15 and a quick ratio of 13.42. The firm has a market capitalization of £95.37 million, a price-to-earnings ratio of -39.63 and a beta of 1.25.

About Savannah Resources

Savannah Resources Plc explores for and develops mineral properties. It holds interests in Mutamba heavy mineral sands project in Mozambique; copper and gold projects in the Sultanate of Oman; and lithium projects located in Somero and Eräjärvi in Finland. Savannah Resources also has a 75% stake in the Mina do Barroso Project in northern Portugal.