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

Key Points

• Savannah Resources (LON:SAV) shares have dropped below their 200-day moving average of GBX 4.29, currently trading at GBX 3.70.
• Analysts from Canaccord Genuity Group have set a target price of GBX 9, maintaining a "speculative buy" rating on the stock.
• The company has a market capitalization of £76.84 million and is involved in various mineral projects, including heavy mineral sands and lithium in multiple countries.

Shares of Savannah Resources (LON:SAV - Get Free Report) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 4.29 ($0.06) and traded as low as GBX 3.20 ($0.04). Savannah Resources shares last traded at GBX 3.70 ($0.05), with a volume of 247,960 shares.

Analyst Upgrades and Downgrades

Separately, Canaccord Genuity Group reaffirmed a "speculative buy" rating and set a GBX 9 ($0.12) target price on shares of Savannah Resources in a research report on Tuesday, May 6th.

Savannah Resources Price Performance

The company has a debt-to-equity ratio of 0.17, a quick ratio of 13.42 and a current ratio of 9.15. The company's 50 day moving average price is GBX 3.70 and its 200 day moving average price is GBX 4.28. The company has a market cap of £75.63 million, a price-to-earnings ratio of -31.42 and a beta of 1.25.

Savannah Resources Company Profile

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.