Metals Acquisition (NYSE:MTAL) Shares Gap Up - What's Next?

Metals Acquisition Limited (NYSE:MTAL - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $10.57, but opened at $10.88. Metals Acquisition shares last traded at $10.54, with a volume of 48,085 shares trading hands.

Analysts Set New Price Targets

Separately, Scotiabank decreased their price objective 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 Price Performance

The company has a current ratio of 0.84, a quick ratio of 0.69 and a debt-to-equity ratio of 0.85. The company's fifty day moving average is $10.63 and its 200-day moving average is $11.57.

Hedge Funds Weigh In On Metals Acquisition

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Glencore plc purchased a new position in Metals Acquisition during the fourth quarter worth approximately $106,200,000. Wellington Management Group LLP lifted its holdings in Metals Acquisition by 799.1% in 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. Bank of Montreal Can purchased a new stake in Metals Acquisition in the third quarter valued at $6,049,000. American Century Companies Inc. grew its holdings in shares of Metals Acquisition by 58.5% during the 4th quarter. American Century Companies Inc. now owns 906,421 shares of the company's stock worth $9,626,000 after purchasing an additional 334,505 shares during the period. Finally, Millennium Management LLC boosted its stake in Metals Acquisition by 11.2% during the fourth quarter. Millennium Management LLC now owns 2,028,073 shares of the company's stock worth $21,538,000 after buying an additional 204,439 shares during the period. 87.47% of the stock is owned by hedge funds and other institutional investors.

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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.