Metals Acquisition (NYSE:MTAL) Trading Up 6.8% – Time to Buy?

Shares of Metals Acquisition Limited (NYSE:MTAL) were up 6.8% during mid-day trading on Wednesday . The company traded as high as $11.08 and last traded at $11.10. Approximately 29,530 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 198,527 shares. The stock had previously closed at $10.39.

Analyst Upgrades and Downgrades

Separately, Scotiabank reduced their price objective on shares of Metals Acquisition from $16.00 to $14.50 and set a “sector outperform” rating for the company in a report on Monday, January 6th.

Metals Acquisition Stock Down 5.5 %

The company has a 50-day moving average of $11.37 and a 200 day moving average of $11.94. The company has a current ratio of 0.84, a quick ratio of 0.69 and a debt-to-equity ratio of 0.85.

Hedge Funds Weigh In On Metals Acquisition

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC grew its holdings in Metals Acquisition by 12.6% during the 4th quarter. SG Americas Securities LLC now owns 19,959 shares of the company’s stock worth $212,000 after acquiring an additional 2,232 shares during the last quarter. Tidal Investments LLC bought a new stake in shares of Metals Acquisition during the third quarter valued at approximately $186,000. Barclays PLC increased its holdings in shares of Metals Acquisition by 286.6% in the third quarter. Barclays PLC now owns 72,260 shares of the company’s stock valued at $1,000,000 after purchasing an additional 53,567 shares in the last quarter. Wellington Management Group LLP raised its position in Metals Acquisition by 799.1% in the 3rd quarter. Wellington Management Group LLP now owns 909,588 shares of the company’s stock worth $12,598,000 after purchasing an additional 808,418 shares during the last quarter. Finally, State Street Corp boosted its position in Metals Acquisition by 28.7% in the 3rd quarter. State Street Corp now owns 698,943 shares of the company’s stock valued at $9,680,000 after buying an additional 156,022 shares during the last quarter. 87.47% of the stock is currently owned by institutional investors and hedge funds.

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.