Altona Rare Earths (LON:REE) Trading Down 8.6% – Here’s What Happened

Shares of Altona Rare Earths Plc (LON:REE) were down 8.6% on Tuesday . The stock traded as low as GBX 3.03 and last traded at GBX 3.15. Approximately 10,127,952 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 16,934,668 shares. The stock had previously closed at GBX 3.45.

Altona Rare Earths Stock Performance

The company has a market capitalization of £11.82 million, a P/E ratio of -5.35 and a beta of 0.84. The company’s fifty day simple moving average is GBX 2.15 and its 200-day simple moving average is GBX 1.82.

Insiders Place Their Bets

In related news, insider Kristoffer Andersson acquired 142,264 shares of the company’s stock in a transaction that occurred on Thursday, January 15th. The shares were bought at an average price of GBX 2 per share, with a total value of £2,845.28. Also, insider Cedric Simonet bought 711,712 shares of the business’s stock in a transaction on Thursday, January 15th. The stock was bought at an average price of GBX 2 per share, for a total transaction of £14,234.24. Insiders purchased a total of 1,400,677 shares of company stock worth $2,801,354 over the last 90 days. Company insiders own 13.44% of the company’s stock.

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.