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

Shares of Metals Acquisition Limited (NYSE:MTAL) gapped up prior to trading on Tuesday . The stock had previously closed at $9.92, but opened at $10.13. Metals Acquisition shares last traded at $10.03, with a volume of 39,809 shares trading hands.

Wall Street Analysts Forecast Growth

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

Metals Acquisition Stock Up 2.9 %

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 business has a 50 day moving average of $10.72 and a 200 day moving average of $11.69.

Hedge Funds Weigh In On Metals Acquisition

Several institutional investors and hedge funds have recently modified their holdings of the stock. Glencore plc bought a new position in Metals Acquisition during the fourth quarter valued at approximately $106,200,000. SailingStone Capital Partners LLC increased its holdings in shares of Metals Acquisition by 3.9% in the fourth quarter. SailingStone Capital Partners LLC now owns 2,633,391 shares of the company’s stock worth $27,967,000 after purchasing an additional 98,925 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Metals Acquisition by 11.2% in the fourth quarter. Millennium Management LLC now owns 2,028,073 shares of the company’s stock valued at $21,538,000 after purchasing an additional 204,439 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Metals Acquisition by 11.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,865,422 shares of the company’s stock worth $19,811,000 after buying an additional 194,813 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in Metals Acquisition by 799.1% during the third quarter. Wellington Management Group LLP now owns 909,588 shares of the company’s stock valued at $12,598,000 after purchasing an additional 808,418 shares during the period. 87.47% of the stock is currently 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.