Scotiabank Lowers Metals Acquisition (NYSE:MTAL) Price Target to $14.50

Metals Acquisition (NYSE:MTAL) had its price objective reduced by analysts at Scotiabank from $16.00 to $14.50 in a report issued on Monday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price target indicates a potential upside of 41.60% from the stock’s previous close.

Metals Acquisition Price Performance

Shares of Metals Acquisition stock opened at $10.24 on Monday. The business has a 50-day simple moving average of $11.91 and a 200 day simple moving average of $12.28. The company has a quick ratio of 0.69, a current ratio of 0.84 and a debt-to-equity ratio of 0.85. Metals Acquisition has a one year low of $9.89 and a one year high of $15.26.

Institutional Trading of Metals Acquisition

Several hedge funds have recently bought and sold shares of MTAL. Millennium Management LLC raised its holdings in Metals Acquisition by 54.3% during the second quarter. Millennium Management LLC now owns 1,919,918 shares of the company’s stock worth $26,284,000 after buying an additional 675,340 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Metals Acquisition by 799.1% in the 3rd quarter. Wellington Management Group LLP now owns 909,588 shares of the company’s stock worth $12,598,000 after acquiring an additional 808,418 shares during the last quarter. State Street Corp raised its holdings in shares of Metals Acquisition by 28.7% in the 3rd quarter. State Street Corp now owns 698,943 shares of the company’s stock worth $9,680,000 after acquiring an additional 156,022 shares during the last quarter. Bank of Montreal Can bought a new position in Metals Acquisition in the 3rd quarter valued at about $6,049,000. Finally, Regal Partners Ltd boosted its stake in Metals Acquisition by 1.7% during the 3rd quarter. Regal Partners Ltd now owns 406,327 shares of the company’s stock valued at $5,628,000 after purchasing an additional 6,651 shares during 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.