Metals Acquisition (NYSE:MTAL) Trading Down 4.4%

Metals Acquisition Limited (NYSE:MTAL)’s stock price was down 4.4% during mid-day trading on Tuesday . The company traded as low as $13.86 and last traded at $14.03. Approximately 36,057 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 159,507 shares. The stock had previously closed at $14.68.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MTAL. BMO Capital Markets cut Metals Acquisition from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $13.00 to $12.00 in a research note on Tuesday, May 21st. Scotiabank raised their price objective on Metals Acquisition from $15.50 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Metals Acquisition presently has a consensus rating of “Moderate Buy” and an average target price of $14.00.

Metals Acquisition Price Performance

The stock has a 50-day moving average of $13.60 and a 200 day moving average of $12.38. The company has a current ratio of 0.31, a quick ratio of 0.23 and a debt-to-equity ratio of 1.45.

Hedge Funds Weigh In On Metals Acquisition

A number of hedge funds and other institutional investors have recently made changes to their positions in MTAL. Kepos Capital LP purchased a new stake in Metals Acquisition in the third quarter worth $210,000. Tuttle Capital Management LLC bought a new stake in Metals Acquisition in the 1st quarter valued at about $517,000. Regal Partners Ltd lifted its holdings in Metals Acquisition by 1.2% during the third quarter. Regal Partners Ltd now owns 303,705 shares of the company’s stock valued at $3,638,000 after purchasing an additional 3,705 shares during the last quarter. CI Investments Inc. bought a new position in Metals Acquisition during the third quarter worth about $6,676,000. Finally, Adage Capital Partners GP L.L.C. boosted its position in Metals Acquisition by 10.4% during the third quarter. Adage Capital Partners GP L.L.C. now owns 687,139 shares of the company’s stock worth $8,232,000 after purchasing an additional 64,616 shares during the period. 87.47% of the stock is owned by hedge funds and other institutional investors.

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.