Metals Acquisition (NYSE:MTAL) Coverage Initiated at BMO Capital Markets

BMO Capital Markets assumed coverage on shares of Metals Acquisition (NYSE:MTAL) in a research report issued to clients and investors on Wednesday. The brokerage set an “outperform” rating and a $11.00 price target on the stock. BMO Capital Markets’ price target suggests a potential upside of 26.58% from the company’s current price.

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

Metals Acquisition Stock Up 1.4 %

MTAL stock traded up $0.12 during midday trading on Wednesday, hitting $8.69. The company’s stock had a trading volume of 11,610 shares, compared to its average volume of 327,487. Metals Acquisition has a 52-week low of $7.69 and a 52-week high of $15.26. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.69 and a current ratio of 0.84. The firm has a 50-day simple moving average of $10.02 and a 200-day simple moving average of $11.22.

Hedge Funds Weigh In On Metals Acquisition

Institutional investors have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC purchased a new stake in shares of Metals Acquisition during the fourth quarter worth approximately $235,000. Tidal Investments LLC increased its stake in shares of Metals Acquisition by 33.6% during the fourth quarter. Tidal Investments LLC now owns 17,982 shares of the company’s stock worth $191,000 after acquiring an additional 4,524 shares during the period. SailingStone Capital Partners LLC raised its holdings in Metals Acquisition by 3.9% during the fourth quarter. SailingStone Capital Partners LLC now owns 2,633,391 shares of the company’s stock worth $27,967,000 after purchasing an additional 98,925 shares in the last quarter. ProShare Advisors LLC lifted its position in Metals Acquisition by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 15,170 shares of the company’s stock valued at $161,000 after purchasing an additional 4,990 shares during the period. Finally, Millennium Management LLC boosted its holdings in Metals Acquisition by 11.2% in the 4th quarter. Millennium Management LLC now owns 2,028,073 shares of the company’s stock valued at $21,538,000 after purchasing an additional 204,439 shares in the last quarter. 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.