Rainbow Rare Earths Limited (LON:RBW – Get Free Report) dropped 1.2% during trading on Wednesday . The company traded as low as GBX 21.50 and last traded at GBX 21.73. 309,329 shares were traded during mid-day 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 Analysts Forecast Growth
Several equities analysts recently weighed in on RBW shares. Berenberg Bank reaffirmed a “buy” rating and set a GBX 52 target price on shares of Rainbow Rare Earths in a research note on Wednesday, July 1st. Canaccord Genuity Group raised shares of Rainbow Rare Earths to a “speculative buy” rating and increased their price objective for the company from GBX 22 to GBX 39 in a report on Tuesday, May 12th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of GBX 40.33.
Check Out Our Latest Stock Analysis on Rainbow Rare Earths
Rainbow Rare Earths Price Performance
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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