Rainbow Rare Earths (LON:RBW) Hits New 12-Month High – Still a Buy?

Rainbow Rare Earths Limited (LON:RBW) reached a new 52-week high during trading on Thursday . The stock traded as high as GBX 29.50 and last traded at GBX 29.07, with a volume of 11236651 shares. The stock had previously closed at GBX 27.70.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RBW shares. Berenberg Bank restated a “buy” rating and set a GBX 34 price target on shares of Rainbow Rare Earths in a report on Wednesday. Stifel Nicolaus reiterated a “buy” rating and set a GBX 30 target price on shares of Rainbow Rare Earths in a research report on Wednesday. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of GBX 32.

Rainbow Rare Earths Price Performance

The firm has a market capitalization of £175.24 million, a P/E ratio of -55.51 and a beta of 0.53. The business has a 50-day moving average of GBX 19.85 and a 200 day moving average of GBX 18.87. The company has a current ratio of 2.66, a quick ratio of 3.79 and a debt-to-equity ratio of 5.16.

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. It is doing this successfully via the identification and development of secondary rare earth deposits that can be brought into production quicker and at a lower cost than traditional hard rock mining projects, with a focus on the permanent magnet rare earth elements neodymium and praseodymium, dysprosium and terbium.

The Company is focused on the development of the Phalaborwa Rare Earths Project in South Africa and the earlier stage Uberaba Project in Brazil.