Metals Acquisition (NYSE:MTAL) Sees Unusually-High Trading Volume

Metals Acquisition Limited (NYSE:MTAL) saw an uptick in trading volume on Monday . 110,092 shares changed hands during mid-day trading, an increase of 34% from the previous session’s volume of 82,118 shares.The stock last traded at $13.66 and had previously closed at $13.89.

Wall Street Analysts Forecast Growth

Separately, Scotiabank began coverage on shares of Metals Acquisition in a research note on Monday, March 4th. They set a “sector outperform” rating and a $14.50 price target for the company. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $13.92.

Metals Acquisition Stock Down 5.1 %

The company’s fifty day simple moving average is $12.82 and its 200 day simple moving average is $11.73. The company has a quick ratio of 0.23, a current ratio of 0.31 and a debt-to-equity ratio of 1.45.

Institutional Trading of Metals Acquisition

A number of hedge funds have recently made changes to their positions in the stock. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its holdings in shares of Metals Acquisition by 8.3% during the 4th quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 3,572,728 shares of the company’s stock worth $44,159,000 after acquiring an additional 272,727 shares during the last quarter. Platinum Investment Management Ltd. raised its position in Metals Acquisition by 9.8% in the 4th quarter. Platinum Investment Management Ltd. now owns 2,236,246 shares of the company’s stock worth $27,640,000 after purchasing an additional 199,898 shares during the period. Sprott Inc. purchased a new position in Metals Acquisition in the 3rd quarter worth $17,970,000. Adage Capital Partners GP L.L.C. raised its position in Metals Acquisition by 10.4% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 687,139 shares of the company’s stock worth $8,232,000 after purchasing an additional 64,616 shares during the period. Finally, CI Investments Inc. purchased a new position in Metals Acquisition in the 3rd quarter worth $6,676,000. 87.47% of the stock is owned by 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.