Metals Acquisition (NYSE:MTAL) Shares Down 4.9% – Here’s Why

Shares of Metals Acquisition Limited (NYSE:MTAL) fell 4.9% during mid-day trading on Thursday . The stock traded as low as $10.64 and last traded at $10.57. 97,201 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 205,795 shares. The stock had previously closed at $11.11.

Analysts Set New Price Targets

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

Metals Acquisition Trading Down 5.5 %

The company has a quick ratio of 0.69, a current ratio of 0.84 and a debt-to-equity ratio of 0.85. The company’s 50 day moving average price is $11.37 and its two-hundred day moving average price is $11.94.

Hedge Funds Weigh In On Metals Acquisition

Institutional investors have recently bought and sold shares of the stock. Amalgamated Bank purchased a new position in shares of Metals Acquisition during the 2nd quarter valued at about $26,000. Marshall Wace LLP lifted its position 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 valued at $330,000 after acquiring an additional 8,799 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Metals Acquisition in the second quarter worth about $205,000. Millennium Management LLC boosted its stake in shares of Metals Acquisition by 54.3% in the second quarter. Millennium Management LLC now owns 1,919,918 shares of the company’s stock worth $26,284,000 after acquiring an additional 675,340 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Metals Acquisition during the second quarter worth about $278,000. 87.47% of the stock is owned by institutional investors.

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.