Altona Rare Earths (LON:REE) Trading 11.1% Higher – Here’s Why

Altona Rare Earths Plc (LON:REE) shot up 11.1% during trading on Tuesday . The company traded as high as GBX 3.40 and last traded at GBX 3.11. 8,284,030 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 16,409,725 shares. The stock had previously closed at GBX 2.80.

Altona Rare Earths Stock Performance

The company’s 50 day moving average price is GBX 2.42 and its 200-day moving average price is GBX 1.89. The stock has a market cap of £11.45 million, a P/E ratio of -5.18 and a beta of 0.84.

Insiders Place Their Bets

In other Altona Rare Earths news, insider Kristoffer Andersson bought 142,264 shares of Altona Rare Earths stock in a transaction dated Thursday, January 15th. The stock was bought at an average cost of GBX 2 per share, with a total value of £2,845.28. Also, insider Louise Adrian purchased 546,701 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The shares were acquired at an average cost of GBX 2 per share, with a total value of £10,934.02. In the last ninety days, insiders bought 1,400,677 shares of company stock valued at $2,801,354. 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.