Altona Rare Earths (LON:REE) Shares Down 12% – Should You Sell?

Altona Rare Earths Plc (LON:REE) shares traded down 12% on Wednesday . The company traded as low as GBX 2.33 and last traded at GBX 2.33. 22,613,736 shares were traded during trading, an increase of 36% from the average session volume of 16,572,729 shares. The stock had previously closed at GBX 2.65.

Altona Rare Earths Stock Performance

The firm has a market capitalization of £7.53 million, a P/E ratio of -3.91 and a beta of -0.15. The stock’s 50 day simple moving average is GBX 1.39 and its 200 day simple moving average is GBX 1.59.

Insiders Place Their Bets

In other news, insider Kristoffer Andersson bought 142,264 shares of the stock in a transaction on Thursday, January 15th. The stock was acquired at an average cost of GBX 2 per share, for a total transaction of £2,845.28. Also, insider Cedric Simonet purchased 711,712 shares of the company’s stock in a transaction dated Thursday, January 15th. The shares were purchased at an average cost of GBX 2 per share, for a total transaction of £14,234.24. Insiders have bought 1,400,677 shares of company stock worth $2,801,354 in the last ninety days. 15.42% of the stock is owned by company insiders.

Altona Rare Earths Company Profile

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.