Blue Moon Metals (NASDAQ:BMM) Stock Falls 3.3% – Here’s What Happened

Shares of Blue Moon Metals Inc. (NASDAQ:BMM) fell 3.3% during trading on Monday. The company traded as low as $4.79 and last traded at $4.99. Approximately 413,486 shares traded hands during trading, an increase of 146% from the average session volume of 168,395 shares. The stock had previously closed at $5.16.

Analysts Set New Price Targets

Several brokerages recently issued reports on BMM. Weiss Ratings reiterated a “sell (d-)” rating on shares of Blue Moon Metals in a research note on Friday, September 11th. Maxim Group assumed coverage on shares of Blue Moon Metals in a research note on Friday, June 12th. They set a “buy” rating and a $15.00 price objective on the stock. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $15.00.

Blue Moon Metals Stock Up 0.2%

The firm has a 50-day moving average price of $5.47.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Blue Moon Metals by 1,314.3% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,875,569 shares of the company’s stock worth $24,569,000 after buying an additional 3,601,539 shares in the last quarter. PenderFund Capital Management Ltd. increased its position in shares of Blue Moon Metals by 108.0% during the second quarter. PenderFund Capital Management Ltd. now owns 1,176,098 shares of the company’s stock valued at $7,463,000 after acquiring an additional 610,800 shares in the last quarter. Moore Capital Management LP purchased a new position in Blue Moon Metals in the 2nd quarter worth approximately $3,052,000. Bank of America Corp DE raised its holdings in Blue Moon Metals by 2,095.4% in the 2nd quarter. Bank of America Corp DE now owns 454,497 shares of the company’s stock worth $2,904,000 after acquiring an additional 433,795 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in Blue Moon Metals by 41.3% in the 2nd quarter. Deutsche Bank AG now owns 953,102 shares of the company’s stock worth $6,090,000 after acquiring an additional 278,801 shares during the last quarter.

Blue Moon Metals Inc is a mineral exploration and development company focused on advancing polymetallic and copper projects. Its principal asset is the Blue Moon project in Mariposa County, California, which contains zinc, silver, gold and copper mineralization, along with lead.

The company is also advancing the Nussir copper project in Kvalsund, Norway. Blue Moon’s activities include mineral exploration, resource evaluation, technical studies, permitting and project development aimed at determining the feasibility of future mine operations.

Blue Moon Metals is headquartered in Vancouver, British Columbia, and its shares trade on the Nasdaq under the symbol BMM.