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

Metals Acquisition Limited (NYSE:MTAL - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $12.25, but opened at $12.54. Metals Acquisition shares last traded at $12.40, with a volume of 7,168 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have commented on MTAL shares. Scotiabank lowered their price objective on shares of Metals Acquisition from $17.00 to $16.00 and set a "sector outperform" rating for the company in a research report on Monday, August 19th. BMO Capital Markets upped their target price on shares of Metals Acquisition from $13.00 to $15.00 and gave the company a "market perform" rating in a research report on Tuesday, July 23rd.

Metals Acquisition Stock Up 0.2 %

The company has a debt-to-equity ratio of 0.85, a current ratio of 0.84 and a quick ratio of 0.69. The business has a 50-day moving average of $12.14 and a 200-day moving average of $12.93.

Hedge Funds Weigh In On Metals Acquisition

A number of large investors have recently made changes to their positions in the company. Creative Planning bought a new stake in shares of Metals Acquisition during the 3rd quarter worth approximately $190,000. SG Americas Securities LLC bought a new position in Metals Acquisition in the 3rd quarter valued at $246,000. The Manufacturers Life Insurance Company purchased a new stake in Metals Acquisition in the second quarter worth $278,000. Millennium Management LLC lifted its position in shares of Metals Acquisition by 54.3% during the second quarter. Millennium Management LLC now owns 1,919,918 shares of the company's stock worth $26,284,000 after purchasing an additional 675,340 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Metals Acquisition during the second quarter valued at $205,000. 87.47% of the stock is owned by hedge funds and other 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.