Metals Acquisition (NYSE:MTAL) Shares Gap Up – Should You Buy?

Metals Acquisition Limited (NYSE:MTAL)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $10.57, but opened at $10.88. Metals Acquisition shares last traded at $10.54, with a volume of 48,085 shares.

Wall Street Analyst Weigh In

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

Metals Acquisition Stock Performance

The company has a quick ratio of 0.69, a current ratio of 0.84 and a debt-to-equity ratio of 0.85. The business has a 50 day moving average price of $10.66 and a 200 day moving average price of $11.56.

Institutional Trading of Metals Acquisition

Several institutional investors have recently bought and sold shares of the company. Glencore plc purchased a new stake in shares of Metals Acquisition during the fourth quarter valued at approximately $106,200,000. Wellington Management Group LLP boosted its stake in 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 last quarter. Bank of Montreal Can purchased a new stake in Metals Acquisition during the 3rd quarter valued at $6,049,000. American Century Companies Inc. increased its holdings 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 purchasing an additional 334,505 shares in the last quarter. Finally, Millennium Management LLC raised its stake 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 worth $21,538,000 after purchasing an additional 204,439 shares during the last quarter. 87.47% of the stock is owned by hedge funds and other 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.