MAC Copper Limited (NYSE:MTAL) Sees Significant Decline in Short Interest

Key Points

• MAC Copper Limited (NYSE:MTAL) experienced a significant decline in short interest, dropping 34.1% to 1,220,000 shares in September compared to August, equating to a short-interest ratio of 1.3 days.
• Analysts have varied opinions on MAC Copper, with ratings ranging from "Strong Buy" to "Sell," resulting in a consensus rating of "Hold" and an average price target of $12.63.
• Institutional investors hold a substantial majority (87.47%) of MAC Copper's shares, with notable acquisitions in the second quarter from firms such as Balyasny Asset Management and Qube Research & Technologies.

MAC Copper Limited (NYSE:MTAL - Get Free Report) was the recipient of a large drop in short interest in the month of September. As of September 15th, there was short interest totaling 1,220,000 shares, a drop of 34.1% from the August 31st total of 1,850,000 shares. Based on an average trading volume of 968,600 shares, the short-interest ratio is currently 1.3 days. Approximately 2.0% of the shares of the stock are short sold. Approximately 2.0% of the shares of the stock are short sold. Based on an average trading volume of 968,600 shares, the short-interest ratio is currently 1.3 days.

Analysts Set New Price Targets

Several brokerages have commented on MTAL. Weiss Ratings reissued a "sell (d-)" rating on shares of MAC Copper in a report on Saturday, September 27th. Zacks Research raised shares of MAC Copper from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 25th. Finally, Canaccord Genuity Group lowered shares of MAC Copper from a "strong-buy" rating to a "hold" rating in a report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $12.63.

Institutional Trading of MAC Copper

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Balyasny Asset Management L.P. acquired a new stake in shares of MAC Copper during the second quarter valued at about $13,340,000. Qube Research & Technologies Ltd acquired a new stake in MAC Copper in the 2nd quarter valued at approximately $5,882,000. Groupe la Francaise acquired a new stake in MAC Copper in the 2nd quarter valued at approximately $3,349,000. Fourth Sail Capital LP raised its position in MAC Copper by 5.2% in the second quarter. Fourth Sail Capital LP now owns 5,456,461 shares of the company's stock valued at $65,969,000 after purchasing an additional 271,456 shares during the period. Finally, OMERS ADMINISTRATION Corp acquired a new position in MAC Copper during the second quarter worth $3,033,000. Institutional investors and hedge funds own 87.47% of the company's stock.

MAC Copper Stock Up 0.1%

NYSE MTAL traded up $0.01 during mid-day trading on Monday, hitting $12.22. The stock had a trading volume of 1,293,183 shares, compared to its average volume of 634,277. The firm's 50 day moving average is $12.15 and its 200 day moving average is $11.16. The company has a quick ratio of 0.45, a current ratio of 0.58 and a debt-to-equity ratio of 0.68. MAC Copper has a twelve month low of $7.69 and a twelve month high of $14.02.

About MAC Copper

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.

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