Altona Rare Earths (LON:REE) Shares Down 9.2% – Here’s Why

Altona Rare Earths Plc (LON:REE) dropped 9.2% during trading on Wednesday . The stock traded as low as GBX 2.23 and last traded at GBX 2.27. Approximately 9,230,159 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 15,254,792 shares. The stock had previously closed at GBX 2.50.

Altona Rare Earths Stock Performance

The business’s 50 day moving average price is GBX 3.23 and its two-hundred day moving average price is GBX 2.33. The company has a market capitalization of £11.55 million, a price-to-earnings ratio of -6.21 and a beta of 1.26.

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

Insider Buying and Selling at Altona Rare Earths

In related news, insider Harvey Sinclair purchased 154,995 shares of Altona Rare Earths stock in a transaction dated Friday, May 8th. The stock was bought at an average cost of GBX 3 per share, with a total value 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.