Metals Acquisition (NYSE:MTAL) Shares Up 6.8% – Still a Buy?

Metals Acquisition Limited (NYSE:MTAL) shares shot up 6.8% during trading on Wednesday . The company traded as high as $11.08 and last traded at $11.10. 29,530 shares changed hands during trading, a decline of 85% from the average session volume of 198,527 shares. The stock had previously closed at $10.39.

Wall Street Analysts Forecast Growth

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

Metals Acquisition Stock Performance

The firm’s 50 day moving average is $11.37 and its two-hundred day moving average is $11.94. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.69 and a current ratio of 0.84.

Institutional Trading of Metals Acquisition

A number of large investors have recently made changes to their positions in the company. Amalgamated Bank bought a new stake in shares of Metals Acquisition in the second quarter worth about $26,000. Quarry LP acquired a new position in shares of Metals Acquisition in the 3rd quarter valued at approximately $34,000. Quantbot Technologies LP bought a new stake in Metals Acquisition during the 3rd quarter worth approximately $46,000. FMR LLC acquired a new stake in Metals Acquisition during the 3rd quarter worth approximately $107,000. Finally, Tidal Investments LLC acquired a new stake in Metals Acquisition during the 3rd quarter worth approximately $186,000. Institutional investors 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.