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

Metals Acquisition Limited (NYSE:MTAL)’s stock price was down 2.9% on Wednesday . The company traded as low as $9.01 and last traded at $9.06. 55,283 shares changed 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 lowered their price objective on shares of Metals Acquisition from $16.00 to $14.50 and set a “sector outperform” rating for the company in a research report on Monday, January 6th.

Metals Acquisition Stock Down 6.6 %

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 stock has a 50-day moving average of $10.50 and a 200-day moving average of $11.52.

Hedge Funds Weigh In On Metals Acquisition

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Glencore plc acquired a new position in shares of Metals Acquisition during the fourth quarter valued at approximately $106,200,000. Wellington Management Group LLP increased its position in shares of Metals Acquisition by 799.1% during the 3rd quarter. Wellington Management Group LLP now owns 909,588 shares of the company’s stock valued at $12,598,000 after purchasing an additional 808,418 shares during the period. American Century Companies Inc. raised its stake in shares of Metals Acquisition by 58.5% in the 4th quarter. American Century Companies Inc. now owns 906,421 shares of the company’s stock worth $9,626,000 after buying an additional 334,505 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Metals Acquisition by 11.2% in the fourth quarter. Millennium Management LLC now owns 2,028,073 shares of the company’s stock valued at $21,538,000 after buying an additional 204,439 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Metals Acquisition by 11.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,865,422 shares of the company’s stock worth $19,811,000 after acquiring an additional 194,813 shares during the period. 87.47% of the stock is owned by institutional investors.

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.