Metals Acquisition (NYSE:MTAL) Sees Unusually-High Trading Volume

Metals Acquisition Limited (NYSE:MTAL) saw strong trading volume on Monday . 110,092 shares changed hands during trading, an increase of 34% from the previous session’s volume of 82,118 shares.The stock last traded at $13.66 and had previously closed at $13.89.

Wall Street Analyst Weigh In

Separately, Scotiabank assumed coverage on Metals Acquisition in a research note on Monday, March 4th. They set a “sector outperform” rating and a $14.50 target price on the stock. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $13.92.

Metals Acquisition Trading Up 0.9 %

The firm has a 50 day simple moving average of $12.86 and a 200 day simple moving average of $11.77. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.23 and a current ratio of 0.31.

Hedge Funds Weigh In On Metals Acquisition

A number of institutional investors and hedge funds have recently modified their holdings of MTAL. Sprott Inc. purchased a new position in shares of Metals Acquisition in the 3rd quarter worth $17,970,000. CI Investments Inc. bought a new stake in Metals Acquisition during the third quarter valued at about $6,676,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund raised its holdings in Metals Acquisition by 8.3% during the fourth quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 3,572,728 shares of the company’s stock valued at $44,159,000 after acquiring an additional 272,727 shares during the period. Platinum Investment Management Ltd. raised 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 valued at $27,640,000 after acquiring an additional 199,898 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its holdings 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 valued at $8,232,000 after acquiring an additional 64,616 shares during the period. 87.47% of the stock is currently owned by hedge funds and other 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.