Metals Acquisition (NYSE:MTAL) Shares Gap Up – What’s Next?

Shares of Metals Acquisition Limited (NYSE:MTAL) gapped up prior to trading on Wednesday . The stock had previously closed at $10.57, but opened at $10.88. Metals Acquisition shares last traded at $10.54, with a volume of 48,085 shares.

Wall Street Analysts Forecast Growth

Separately, Scotiabank dropped their price objective on Metals Acquisition from $16.00 to $14.50 and set a “sector outperform” rating on the stock in a research report on Monday, January 6th.

Metals Acquisition Price 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 firm’s fifty day moving average price is $10.66 and its two-hundred day moving average price is $11.58.

Hedge Funds Weigh In On Metals Acquisition

Several hedge funds and other institutional investors have recently modified their holdings of MTAL. Invesco Ltd. increased its position in Metals Acquisition by 6.5% during the fourth quarter. Invesco Ltd. now owns 25,755 shares of the company’s stock valued at $274,000 after acquiring an additional 1,576 shares during the last quarter. SG Americas Securities LLC boosted its position in Metals Acquisition by 12.6% in the fourth quarter. SG Americas Securities LLC now owns 19,959 shares of the company’s stock worth $212,000 after purchasing an additional 2,232 shares during the last quarter. Quarry LP bought a new stake in shares of Metals Acquisition during the 3rd quarter valued at about $34,000. Quadrant Capital Group LLC purchased a new stake in shares of Metals Acquisition during the 4th quarter valued at about $26,000. Finally, Quantbot Technologies LP bought a new position in shares of Metals Acquisition in the 3rd quarter worth approximately $46,000. 87.47% of the stock is owned by institutional investors.

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.