Metals Acquisition (NYSE:MTAL) Shares Gap Up – Should You Buy?

Metals Acquisition Limited (NYSE:MTAL) gapped up before the market opened on Tuesday . The stock had previously closed at $12.25, but opened at $12.54. Metals Acquisition shares last traded at $12.40, with a volume of 7,168 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MTAL shares. Scotiabank cut their target price on Metals Acquisition from $17.00 to $16.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th. BMO Capital Markets upped their price objective on Metals Acquisition from $13.00 to $15.00 and gave the company a “market perform” rating in a report on Tuesday, July 23rd.

Metals Acquisition Stock Down 0.1 %

The company has a current ratio of 0.84, a quick ratio of 0.69 and a debt-to-equity ratio of 0.85. The firm’s 50 day moving average is $12.12 and its 200 day moving average is $12.94.

Hedge Funds Weigh In On Metals Acquisition

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp purchased a new stake in shares of Metals Acquisition in the second quarter valued at $2,141,000. Amalgamated Bank purchased a new stake in Metals Acquisition in the 2nd quarter worth approximately $26,000. Millennium Management LLC boosted its stake in shares of Metals Acquisition by 54.3% during the 2nd quarter. Millennium Management LLC now owns 1,919,918 shares of the company’s stock valued at $26,284,000 after buying an additional 675,340 shares during the period. Squarepoint Ops LLC purchased a new position in shares of Metals Acquisition during the 2nd quarter valued at $205,000. Finally, Marshall Wace LLP increased its stake in shares of Metals Acquisition by 57.4% in the second quarter. Marshall Wace LLP now owns 24,126 shares of the company’s stock worth $330,000 after acquiring an additional 8,799 shares during the last quarter. Institutional investors and hedge funds own 87.47% of the company’s stock.

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.