Savannah Resources (LON:SAV) Trading Up 10.4% - Here's Why

Key Points

• Savannah Resources shares increased by 10.4% during trading, reaching GBX 3.70 ($0.05), although trading volume dropped significantly by 67% compared to average daily volumes.
• The company has received a "speculative buy" rating from Canaccord Genuity Group, along with a price target of GBX 9 ($0.12) per share.
• Savannah Resources is involved in mineral exploration and development, holding various projects in locations including Mozambique, Oman, and Portugal.

Savannah Resources (LON:SAV - Get Free Report) shot up 10.4% during mid-day trading on Thursday . The stock traded as high as GBX 3.70 ($0.05) and last traded at GBX 3.70 ($0.05). 855,910 shares changed hands during trading, a decline of 67% from the average session volume of 2,597,803 shares. The stock had previously closed at GBX 3.35 ($0.05).

Wall Street Analyst Weigh In

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

Savannah Resources Stock Up 3.0%

The company has a quick ratio of 13.42, a current ratio of 9.15 and a debt-to-equity ratio of 0.17. The company's fifty day simple moving average is GBX 3.53 and its 200 day simple moving average is GBX 4.20. The firm has a market capitalization of £78.77 million, a PE ratio of -32.73 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.