Rainbow Rare Earths Limited (LON:RBW – Get Free Report) shares fell 1.2% during mid-day trading on Wednesday . The company traded as low as GBX 21.50 and last traded at GBX 21.73. 309,329 shares changed hands during trading, a decline of 71% from the average daily volume of 1,053,276 shares. The stock had previously closed at GBX 22.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on the company. Canaccord Genuity Group upgraded Rainbow Rare Earths to a “speculative buy” rating and raised their price target for the company from GBX 22 to GBX 39 in a research note on Tuesday, May 12th. Berenberg Bank reaffirmed a “buy” rating and issued a GBX 52 price objective on shares of Rainbow Rare Earths in a research note on Wednesday, July 1st. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Rainbow Rare Earths currently has an average rating of “Buy” and a consensus price target of GBX 40.33.
Check Out Our Latest Stock Report on Rainbow Rare Earths
Rainbow Rare Earths Trading Down 1.2%
Rainbow Rare Earths Company Profile
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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