Metals Acquisition (NYSE:MTAL) Shares Gap Up – Here’s Why

Shares of Metals Acquisition Limited (NYSE:MTAL) gapped up before the market opened on Wednesday . The stock had previously closed at $10.57, but opened at $10.88. Metals Acquisition shares last traded at $10.54, with a volume of 48,085 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Scotiabank reduced their target price on shares of Metals Acquisition from $16.00 to $14.50 and set a “sector outperform” rating on the stock in a research report on Monday, January 6th.

Metals Acquisition Stock Performance

The company has a debt-to-equity ratio of 0.85, a current ratio of 0.84 and a quick ratio of 0.69. The firm has a 50 day moving average of $10.66 and a two-hundred day moving average of $11.58.

Institutional Investors Weigh In On Metals Acquisition

Institutional investors have recently modified their holdings of the stock. Quadrant Capital Group LLC bought a new position in Metals Acquisition in the 4th quarter worth about $26,000. Quarry LP purchased a new position in Metals Acquisition in the third quarter worth about $34,000. Signaturefd LLC bought a new position in shares of Metals Acquisition in the fourth quarter worth approximately $36,000. Quantbot Technologies LP purchased a new stake in shares of Metals Acquisition during the third quarter valued at approximately $46,000. Finally, FMR LLC bought a new stake in shares of Metals Acquisition during the third quarter valued at approximately $107,000. 87.47% of the stock is 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.