Metals Acquisition (NYSE:MTAL) Trading 6% Higher – Here’s Why

Shares of Metals Acquisition Limited (NYSE:MTAL) were up 6% during mid-day trading on Friday . The stock traded as high as $11.29 and last traded at $11.40. Approximately 35,337 shares changed hands during trading, a decline of 79% from the average daily volume of 169,859 shares. The stock had previously closed at $10.75.

Analyst Upgrades and Downgrades

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

Metals Acquisition Trading Up 4.1 %

The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.69 and a current ratio of 0.84. The business’s 50-day simple moving average is $11.65 and its 200 day simple moving average is $12.19.

Hedge Funds Weigh In On Metals Acquisition

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC bought a new stake in Metals Acquisition during the 3rd quarter valued at $186,000. Barclays PLC increased its position in shares of Metals Acquisition by 286.6% in the third quarter. Barclays PLC now owns 72,260 shares of the company’s stock valued at $1,000,000 after acquiring an additional 53,567 shares during the period. Wellington Management Group LLP raised its stake in shares of 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 acquiring an additional 808,418 shares during the last quarter. State Street Corp boosted its holdings in shares of Metals Acquisition by 28.7% during the third quarter. State Street Corp now owns 698,943 shares of the company’s stock worth $9,680,000 after purchasing an additional 156,022 shares during the period. Finally, Quarry LP bought a new stake in shares of Metals Acquisition in the third quarter worth about $34,000. 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.