Savannah Resources (LON:SAV) Trading Up 15.4% – Here’s Why

Shares of Savannah Resources (LON:SAV) were up 15.4% on Friday . The company traded as high as GBX 4.51 and last traded at GBX 4.39. Approximately 6,694,266 shares were traded during mid-day trading, an increase of 148% from the average daily volume of 2,700,969 shares. The stock had previously closed at GBX 3.80.

Analysts Set New Price Targets

Separately, Canaccord Genuity Group restated a “speculative buy” rating and issued a GBX 8 price target on shares of Savannah Resources in a research note on Monday, September 15th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of GBX 8.

Savannah Resources Price Performance

The firm has a market capitalization of £119.70 million, a price-to-earnings ratio of -26.42 and a beta of 1.25. The stock’s fifty day moving average price is GBX 3.71 and its two-hundred day moving average price is GBX 3.83. The company has a current ratio of 9.15, a quick ratio of 13.42 and a debt-to-equity ratio of 0.17.

Insider Activity

In other Savannah Resources news, insider Emanuel Proença acquired 235,000 shares of the stock in a transaction dated Friday, November 21st. The stock was acquired at an average cost of GBX 3 per share, with a total value of £7,050. Corporate insiders own 27.60% of the company’s stock.

About Savannah Resources

Savannah Resources Plc explores for and develops mineral properties. It holds interests in Mutamba heavy mineral sands project in Mozambique; copper and gold projects in the Sultanate of Oman; and lithium projects located in Somero and Eräjärvi in Finland. Savannah Resources also has a 75% stake in the Mina do Barroso Project in northern Portugal. The company was formerly known as African Mining and Exploration plc and changed its name to Savannah Resources Plc in September 2013. Savannah Resources Plc was incorporated in 2010 and is based in London, the United Kingdom.