Metals Acquisition (NYSE:MTAL) Sees Strong Trading Volume

Shares of Metals Acquisition Limited (NYSE:MTAL) saw strong trading volume on Monday . 187,767 shares traded hands during trading, an increase of 299% from the previous session’s volume of 47,116 shares.The stock last traded at $12.96 and had previously closed at $12.84.

Wall Street Analysts Forecast Growth

Separately, Scotiabank started coverage on Metals Acquisition in a report on Monday, March 4th. They issued a “sector outperform” rating and a $14.50 target price for the company. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $13.92.

Metals Acquisition Price Performance

The business has a 50-day moving average of $12.73 and a 200 day moving average of $11.70. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.31 and a quick ratio of 0.23.

Institutional Investors Weigh In On Metals Acquisition

Hedge funds and other institutional investors have recently modified their holdings of the company. Sprott Inc. acquired a new stake in Metals Acquisition in the 3rd quarter valued at $17,970,000. CI Investments Inc. bought a new stake in shares of Metals Acquisition during the third quarter worth about $6,676,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund raised its holdings in shares of Metals Acquisition by 8.3% in the 4th quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 3,572,728 shares of the company’s stock worth $44,159,000 after acquiring an additional 272,727 shares during the last quarter. Platinum Investment Management Ltd. boosted its stake in Metals Acquisition by 9.8% during the 4th quarter. Platinum Investment Management Ltd. now owns 2,236,246 shares of the company’s stock valued at $27,640,000 after purchasing an additional 199,898 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its holdings in Metals Acquisition by 10.4% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 687,139 shares of the company’s stock worth $8,232,000 after purchasing an additional 64,616 shares in the last quarter. 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.