Metals Acquisition (NYSE:MTAL) Sees Strong Trading Volume

Shares of Metals Acquisition Limited (NYSE:MTAL) saw unusually-strong trading volume on Thursday . Approximately 382,149 shares changed hands during mid-day trading, an increase of 63% from the previous session’s volume of 234,373 shares.The stock last traded at $13.88 and had previously closed at $13.41.

Wall Street Analyst Weigh In

MTAL has been the topic of a number of recent analyst reports. Scotiabank cut their target price on shares of Metals Acquisition from $17.00 to $16.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th. BMO Capital Markets increased their target price on Metals Acquisition from $13.00 to $15.00 and gave the stock a “market perform” rating in a report on Tuesday, July 23rd.

Metals Acquisition Price Performance

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 simple moving average of $11.74 and a two-hundred day simple moving average of $12.90.

Institutional Investors Weigh In On Metals Acquisition

A number of large investors have recently made changes to their positions in the company. Platinum Investment Management Ltd. increased its stake in shares of Metals Acquisition by 9.8% during 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 last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Metals Acquisition in the second quarter worth about $2,141,000. Tuttle Capital Management LLC acquired a new stake in Metals Acquisition in the 1st quarter worth approximately $517,000. Rhumbline Advisers acquired a new stake in shares of Metals Acquisition in the second quarter valued at about $938,000. Finally, The Manufacturers Life Insurance Company bought a new position in Metals Acquisition in the second quarter worth $278,000. Institutional investors and hedge funds own 87.47% of the company’s stock.

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.