Savannah Resources (LON:SAV) Shares Down 2.7% - Here's Why

Key Points

• Savannah Resources shares fell 2.7% to close at GBX 3.60 ($0.05) amid lower trading volume, with about 266,949 shares changing hands compared to an average of 2,776,411.
• Analysts at Canaccord Genuity Group maintained a "speculative buy" rating with a price target of GBX 9 ($0.12) for Savannah Resources.
• The company has a market cap of £78.03 million, a P/E ratio of -32.42, and holds significant mineral properties across Mozambique, Oman, Finland, and Portugal.

Shares of Savannah Resources (LON:SAV - Get Free Report) fell 2.7% during trading on Friday . The company traded as low as GBX 3.20 ($0.04) and last traded at GBX 3.60 ($0.05). 266,949 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 2,776,411 shares. The stock had previously closed at GBX 3.70 ($0.05).

Analyst Upgrades and Downgrades

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

Savannah Resources Stock Performance

The stock has a market capitalization of £75.63 million, a P/E ratio of -31.42 and a beta of 1.25. The stock has a 50 day simple moving average of GBX 3.70 and a two-hundred day simple moving average of GBX 4.28. The company has a quick ratio of 13.42, a current ratio of 9.15 and a debt-to-equity ratio of 0.17.

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.