Metals Acquisition (NYSE:MTAL) Stock Price Down 4.8%

Metals Acquisition Limited (NYSE:MTAL)’s stock price fell 4.8% during trading on Wednesday . The company traded as low as $10.22 and last traded at $10.23. 84,106 shares traded hands during trading, a decline of 63% from the average session volume of 224,608 shares. The stock had previously closed at $10.75.

Analyst Ratings Changes

MTAL has been the topic of a number of research reports. BMO Capital Markets upped their target price on shares of Metals Acquisition from $13.00 to $15.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 23rd. Scotiabank reduced their price objective on Metals Acquisition from $17.00 to $16.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th.

Metals Acquisition Stock Performance

The company has a current ratio of 0.84, a quick ratio of 0.69 and a debt-to-equity ratio of 0.85. The business’s 50-day simple moving average is $12.29 and its 200-day simple moving average is $12.92.

Institutional Trading of Metals Acquisition

Several institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC grew its stake in shares of Metals Acquisition by 54.3% during the second quarter. Millennium Management LLC now owns 1,919,918 shares of the company’s stock worth $26,284,000 after purchasing an additional 675,340 shares during the period. 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 during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Metals Acquisition in the 2nd quarter valued at about $2,141,000. Rhumbline Advisers bought a new stake in shares of Metals Acquisition in the 2nd quarter valued at about $938,000. Finally, Tuttle Capital Management LLC acquired a new stake in shares of Metals Acquisition in the 1st quarter valued at approximately $517,000. Institutional investors own 87.47% of the company’s stock.

About Metals Acquisition

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.