Metals Acquisition (NYSE:MTAL) Shares Gap Down to $12.85

Shares of Metals Acquisition Limited (NYSE:MTAL) gapped down prior to trading on Monday . The stock had previously closed at $12.85, but opened at $12.51. Metals Acquisition shares last traded at $12.00, with a volume of 288,731 shares changing hands.

Analyst Ratings Changes

Separately, Scotiabank initiated coverage on shares of Metals Acquisition in a research note on Monday, March 4th. They issued a “sector outperform” rating and a $14.50 price objective for the company. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $13.92.

Metals Acquisition Stock Down 3.2 %

The company has a quick ratio of 0.23, a current ratio of 0.31 and a debt-to-equity ratio of 1.45. The stock’s 50 day moving average is $12.90 and its two-hundred day moving average is $11.80.

Hedge Funds Weigh In On Metals Acquisition

Several hedge funds and other institutional investors have recently bought and sold shares of MTAL. Tuttle Capital Management LLC purchased a new stake in shares of Metals Acquisition in the first quarter valued at approximately $517,000. Platinum Investment Management Ltd. raised its stake in shares of Metals Acquisition by 9.8% in the 4th quarter. Platinum Investment Management Ltd. now owns 2,236,246 shares of the company’s stock valued at $27,640,000 after acquiring an additional 199,898 shares during the period. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund grew its stake in shares of Metals Acquisition by 8.3% in the fourth 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 valued at $44,159,000 after buying an additional 272,727 shares in the last quarter. Sprott Inc. acquired a new position in shares of Metals Acquisition in the third quarter valued at approximately $17,970,000. Finally, Regal Partners Ltd increased its stake in Metals Acquisition by 1.2% during the 3rd quarter. Regal Partners Ltd now owns 303,705 shares of the company’s stock worth $3,638,000 after buying an additional 3,705 shares during the period. 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.