Metals Acquisition (NYSE:MTAL) Shares Gap Up - Here's Why

Metals Acquisition Limited (NYSE:MTAL - Get Free Report) 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 changing hands.

Wall Street Analysts Forecast Growth

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

Metals Acquisition Trading Down 6.1 %

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 firm's 50 day moving average is $10.67 and its 200-day moving average is $11.65.

Hedge Funds Weigh In On Metals Acquisition

Institutional investors and hedge funds have recently modified their holdings of the company. Quadrant Capital Group LLC purchased a new position in shares of Metals Acquisition during the fourth quarter valued at approximately $26,000. Quarry LP purchased a new position in shares of Metals Acquisition during the third quarter valued at approximately $34,000. Signaturefd LLC purchased a new position in shares of Metals Acquisition during the fourth quarter valued at approximately $36,000. Quantbot Technologies LP acquired a new position in Metals Acquisition during the third quarter worth approximately $46,000. Finally, FMR LLC acquired a new position in Metals Acquisition during the third quarter worth approximately $107,000. Hedge funds and other institutional investors own 87.47% of the company's stock.

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.