Metals Acquisition (NYSE:MTAL) Stock Price Down 2.9% – Here’s What Happened

Metals Acquisition Limited (NYSE:MTAL) was down 2.9% on Wednesday . The stock traded as low as $9.01 and last traded at $9.06. Approximately 55,283 shares traded hands during trading, a decline of 82% from the average daily volume of 301,164 shares. The stock had previously closed at $9.33.

Analyst Upgrades and Downgrades

Separately, Scotiabank decreased their target price on shares of Metals Acquisition from $16.00 to $14.50 and set a “sector outperform” rating on the stock in a research note on Monday, January 6th.

Metals Acquisition Trading Down 2.4 %

The stock’s 50-day moving average price is $10.57 and its 200-day moving average price is $11.55. The company has a current ratio of 0.84, a quick ratio of 0.69 and a debt-to-equity ratio of 0.85.

Hedge Funds Weigh In On Metals Acquisition

A number of institutional investors have recently modified their holdings of the company. Glencore plc acquired a new position in shares of Metals Acquisition during the fourth quarter valued at about $106,200,000. SailingStone Capital Partners LLC raised its holdings in shares of Metals Acquisition by 3.9% in the fourth quarter. SailingStone Capital Partners LLC now owns 2,633,391 shares of the company’s stock valued at $27,967,000 after purchasing an additional 98,925 shares during the last quarter. Millennium Management LLC boosted its holdings 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 purchasing an additional 204,439 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Metals Acquisition by 11.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,865,422 shares of the company’s stock worth $19,811,000 after purchasing an additional 194,813 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of 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 in the last quarter. 87.47% of the stock is owned by institutional investors and hedge funds.

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.