Shares of Rainbow Rare Earths Limited (LON:RBW – Get Free Report) fell 1.3% during mid-day trading on Friday . The company traded as low as GBX 23.65 and last traded at GBX 23.70. 211,626 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 961,588 shares. The stock had previously closed at GBX 24.
Analyst Ratings Changes
A number of analysts have commented on the stock. Berenberg Bank reaffirmed a “buy” rating and set a GBX 52 target price on shares of Rainbow Rare Earths in a report on Wednesday, July 1st. Canaccord Genuity Group upgraded Rainbow Rare Earths to a “speculative buy” rating and raised their price target for the stock from GBX 22 to GBX 39 in a research report on Tuesday, May 12th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of GBX 40.33.
Get Our Latest Research Report on Rainbow Rare Earths
Rainbow Rare Earths Stock Down 1.3%
Insider Buying and Selling at Rainbow Rare Earths
In other news, insider Alexander Lowrie purchased 95,555 shares of Rainbow Rare Earths stock in a transaction dated Thursday, August 13th. The shares were bought at an average cost of GBX 25 per share, with a total value of £23,888.75. Also, insider George Bennett sold 550,000 shares of Rainbow Rare Earths stock in a transaction on Thursday, August 13th. The stock was sold at an average price of GBX 21, for a total transaction of £115,500. Company insiders own 23.05% of the company’s stock.
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.
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