Rainbow Rare Earths (LON:RBW) Stock Price Down 6.1% – Here’s What Happened

Rainbow Rare Earths Limited (LON:RBW)’s stock price traded down 6.1% during trading on Wednesday . The company traded as low as GBX 22.50 and last traded at GBX 23. 1,779,977 shares changed hands during mid-day trading, an increase of 46% from the average session volume of 1,221,034 shares. The stock had previously closed at GBX 24.50.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Stifel Nicolaus reissued a “buy” rating and issued a GBX 30 price objective on shares of Rainbow Rare Earths in a research note on Wednesday, March 11th. Berenberg Bank reissued a “buy” rating and issued a GBX 34 price objective on shares of Rainbow Rare Earths in a research note on Wednesday, March 11th. Finally, Canaccord Genuity Group raised shares of Rainbow Rare Earths to a “speculative buy” rating and lifted their price objective for the stock from GBX 22 to GBX 39 in a research note on Tuesday, May 12th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of GBX 34.33.

Rainbow Rare Earths Stock Performance

The company has a market capitalization of £160.93 million, a P/E ratio of -21.10 and a beta of 0.46. The business has a 50-day moving average of GBX 25.38 and a 200-day moving average of GBX 21.64. The company has a debt-to-equity ratio of 9.83, a current ratio of 1.22 and a quick ratio of 3.79.

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 and other advanced future-facing technologies.

It is doing this successfully via pioneering the first commercial recovery of rare earth elements from phosphogypsum that occurs as the by-product of phosphoric acid production. These projects eliminate the cost and risk of mining, meaning that they can be brought into production quicker and at a lower cost than traditional hard rock mining projects.

The Company is developing the Phalaborwa Project in South Africa and the earlier stage Uberaba Project in Brazil.