Rainbow Rare Earths (LON:RBW) Shares Up 7.7% – Here’s Why

Rainbow Rare Earths Limited (LON:RBW) shot up 7.7% during trading on Wednesday . The stock traded as high as GBX 28.50 and last traded at GBX 28. 2,914,438 shares traded hands during mid-day trading, an increase of 194% from the average session volume of 990,268 shares. The stock had previously closed at GBX 26.

Analyst Upgrades and Downgrades

Separately, Berenberg Bank reaffirmed a “buy” rating on shares of Rainbow Rare Earths in a research report on Monday, February 9th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Rainbow Rare Earths has an average rating of “Buy” and a consensus target price of GBX 33.

Rainbow Rare Earths Stock Performance

The firm has a market cap of £180.40 million, a price-to-earnings ratio of -57.14 and a beta of 0.53. The firm’s 50 day moving average is GBX 19.23 and its 200-day moving average is GBX 18.65. The company has a debt-to-equity ratio of 5.16, a quick ratio of 3.79 and a current ratio of 2.66.

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.