Rainbow Rare Earths (LON:RBW) Shares Up 1.7% – Here’s What Happened

Rainbow Rare Earths Limited (LON:RBW)’s share price rose 1.7% during mid-day trading on Monday . The company traded as high as GBX 17.50 and last traded at GBX 17.50. Approximately 236,620 shares traded hands during trading, a decline of 49% from the average daily volume of 464,604 shares. The stock had previously closed at GBX 17.20.

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank reissued a “buy” rating and set a GBX 33 target price on shares of Rainbow Rare Earths in a research note on Monday, November 24th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Rainbow Rare Earths currently has a consensus rating of “Buy” and an average price target of GBX 33.

Rainbow Rare Earths Stock Performance

The company’s 50-day simple moving average is GBX 18.41 and its 200 day simple moving average is GBX 16.75. The stock has a market cap of £112.75 million, a P/E ratio of -35.71 and a beta of 2.25. The company has a current ratio of 0.21, a quick ratio of 3.79 and a debt-to-equity ratio of 3.34.

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.