Tuttle Capital Management LLC Acquires New Stake in Metals Acquisition Limited (NYSE:MTAL)

Tuttle Capital Management LLC acquired a new stake in shares of Metals Acquisition Limited (NYSE:MTAL) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 40,204 shares of the company’s stock, valued at approximately $517,000. Metals Acquisition comprises 3.4% of Tuttle Capital Management LLC’s portfolio, making the stock its 6th biggest holding. Tuttle Capital Management LLC owned 0.08% of Metals Acquisition at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Kepos Capital LP bought a new stake in Metals Acquisition during the third quarter valued at about $210,000. Regal Partners Ltd grew 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 period. Adage Capital Partners GP L.L.C. grew 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 purchasing an additional 64,616 shares during the period. Sprott Inc. bought a new stake in Metals Acquisition during the third quarter valued at about $17,970,000. Finally, Platinum Investment Management Ltd. grew 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 purchasing an additional 199,898 shares during the period. Hedge funds and other institutional investors own 87.47% of the company’s stock.

Metals Acquisition Stock Performance

NYSE MTAL traded down $0.09 during midday trading on Friday, hitting $12.96. 267,565 shares of the company traded hands, compared to its average volume of 249,391. The company has a quick ratio of 0.23, a current ratio of 0.31 and a debt-to-equity ratio of 1.45. The company’s 50-day simple moving average is $13.65 and its 200-day simple moving average is $12.59. Metals Acquisition Limited has a 52 week low of $9.15 and a 52 week high of $15.26.

Analyst Ratings Changes

A number of research firms have recently weighed in on MTAL. BMO Capital Markets lowered Metals Acquisition from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $13.00 to $12.00 in a research note on Tuesday, May 21st. Scotiabank upped their price objective on Metals Acquisition from $15.50 to $17.00 and gave the stock 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 given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.00.

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.