Altona Rare Earths (LON:REE) Trading Down 16.1% – Here’s Why

Altona Rare Earths Plc (LON:REE)’s share price was down 16.1% during mid-day trading on Tuesday . The stock traded as low as GBX 2.33 and last traded at GBX 2.39. Approximately 4,483,703 shares were traded during trading, a decline of 71% from the average daily volume of 15,479,967 shares. The stock had previously closed at GBX 2.85.

Altona Rare Earths Price Performance

The stock has a market cap of £11.69 million, a P/E ratio of -6.29 and a beta of 1.26. The firm’s 50-day moving average price is GBX 3.37 and its 200-day moving average price is GBX 2.29.

Altona Rare Earths (LON:REE) last released its quarterly earnings data on Thursday, March 26th. The company reported GBX (0.16) earnings per share (EPS) for the quarter.

Insiders Place Their Bets

In other Altona Rare Earths news, insider Harvey Sinclair purchased 154,995 shares of Altona Rare Earths stock in a transaction that occurred on Friday, May 8th. The shares were bought at an average price of GBX 3 per share, for a total transaction of £4,649.85. Corporate insiders own 13.44% of the company’s stock.

About Altona Rare Earths

Altona Rare Earth (LSE: REE) is a resource exploration and development company, specializing in Critical Raw Materials exploration and development in Africa.

The Company is currently involved in copper and silver exploration at the Sesana project in the Kalahari Copper Belt of Botswana, in rare earths exploration at the Monte Muambe project in Mozambique, and is also assessing the possibility to rapidly develop a fluorspar mining operation, also at Monte Muambe.

Monte Muambe, a significant REE mining project, is a carbonatite-hosted REE deposit.