Metals Acquisition (NYSE:MTAL) Shares Up 2.6%

Metals Acquisition Limited (NYSE:MTAL)’s share price shot up 2.6% during mid-day trading on Friday . The company traded as high as $10.38 and last traded at $10.30. 53,923 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 223,586 shares. The stock had previously closed at $10.04.

Analysts Set New Price Targets

A number of research firms have commented on MTAL. Scotiabank decreased their price target on Metals Acquisition from $17.00 to $16.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. BMO Capital Markets lifted their price target on Metals Acquisition from $13.00 to $15.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 23rd.

Metals Acquisition Price Performance

The company has a current ratio of 0.84, a quick ratio of 0.23 and a debt-to-equity ratio of 0.85. The business’s 50-day moving average is $12.50 and its 200-day moving average is $12.95.

Institutional Investors Weigh In On Metals Acquisition

Several hedge funds have recently bought and sold shares of MTAL. Platinum Investment Management Ltd. boosted its holdings in Metals Acquisition by 9.8% during the fourth quarter. Platinum Investment Management Ltd. now owns 2,236,246 shares of the company’s stock worth $27,640,000 after buying an additional 199,898 shares in the last quarter. Millennium Management LLC grew its stake in Metals Acquisition by 54.3% in the 2nd quarter. Millennium Management LLC now owns 1,919,918 shares of the company’s stock valued at $26,284,000 after acquiring an additional 675,340 shares during the period. Bank of New York Mellon Corp purchased a new stake in Metals Acquisition in the 2nd quarter worth $2,141,000. Rhumbline Advisers acquired a new position in Metals Acquisition during the second quarter worth $938,000. Finally, Tuttle Capital Management LLC purchased a new stake in shares of Metals Acquisition during the first quarter worth about $517,000. Hedge funds and other institutional investors own 87.47% of the company’s stock.

Metals Acquisition Company Profile

Metals Acquisition Limited focuses on mining and production of copper and silver. It operates the CSA copper mine in Cobar, Australia. The company was incorporated in 2022 and is headquartered in Saint Helier, Jersey.