Metals Acquisition (NYSE:MTAL) Shares Gap Down to $12.85

Metals Acquisition Limited (NYSE:MTAL)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $12.85, but opened at $12.51. Metals Acquisition shares last traded at $12.00, with a volume of 288,731 shares changing hands.

Analysts Set New Price Targets

Separately, Scotiabank started coverage on shares of Metals Acquisition in a research report on Monday, March 4th. They issued a “sector outperform” rating and a $14.50 price objective on the stock. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Metals Acquisition currently has a consensus rating of “Buy” and a consensus target price of $13.92.

Metals Acquisition Stock Down 3.2 %

The business’s 50 day moving average is $12.90 and its 200-day moving average is $11.80. The company has a quick ratio of 0.23, a current ratio of 0.31 and a debt-to-equity ratio of 1.45.

Institutional Trading of Metals Acquisition

Several hedge funds and other institutional investors have recently made changes to their positions in MTAL. Kepos Capital LP acquired a new position in Metals Acquisition during the third quarter worth about $210,000. Tuttle Capital Management LLC purchased a new position in shares of Metals Acquisition in the first quarter valued at $517,000. Regal Partners Ltd raised its position in shares of Metals Acquisition by 1.2% in the 3rd 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 in the last quarter. CI Investments Inc. acquired a new position in Metals Acquisition during the 3rd quarter worth $6,676,000. Finally, Adage Capital Partners GP L.L.C. increased its stake 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 purchasing an additional 64,616 shares during the last quarter. Hedge funds and other institutional investors own 87.47% of the company’s stock.

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.