Short Interest in MAC Copper Limited (NYSE:MTAL) Drops By 20.7%

Key Points

• MAC Copper Limited (NYSE:MTAL) experienced a significant drop in short interest of 20.7% in August, decreasing from 1,690,000 to 1,340,000 shares.
• Hedge funds have been actively shifting their positions, with notable increases from several investors, including EverSource Wealth Advisors, which raised its stake by 10,692.3%.
• Analysts maintain a consensus rating of "Hold" for MAC Copper, with price targets ranging from $12.25 to $13.00 set by different research firms.

MAC Copper Limited (NYSE:MTAL - Get Free Report) was the recipient of a significant drop in short interest in August. As of August 15th, there was short interest totaling 1,340,000 shares, a drop of 20.7% from the July 31st total of 1,690,000 shares. Currently, 2.2% of the shares of the stock are short sold. Based on an average trading volume of 825,800 shares, the days-to-cover ratio is presently 1.6 days. Based on an average trading volume of 825,800 shares, the days-to-cover ratio is presently 1.6 days. Currently, 2.2% of the shares of the stock are short sold.

MAC Copper Stock Down 0.2%

Shares of NYSE MTAL traded down $0.03 during mid-day trading on Friday, hitting $12.19. The stock had a trading volume of 368,247 shares, compared to its average volume of 1,115,884. 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 1 year low of $7.69 and a 1 year high of $14.31. The business has a 50 day moving average price of $12.10 and a two-hundred day moving average price of $10.96.

Analyst Upgrades and Downgrades

MTAL has been the topic of several research reports. Canaccord Genuity Group downgraded shares of MAC Copper from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 11th. Scotiabank reissued a "sector perform" rating and set a $13.00 price target on shares of MAC Copper in a research note on Tuesday, May 27th. Finally, BMO Capital Markets reissued a "market perform" rating and set a $12.25 price target (up from $11.00) on shares of MAC Copper in a research note on Tuesday, June 3rd. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, MAC Copper has a consensus rating of "Hold" and an average price target of $12.63.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MTAL. Price T Rowe Associates Inc. MD increased its stake in shares of MAC Copper by 22.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 21,679 shares of the company's stock worth $231,000 after buying an additional 4,026 shares during the period. Northern Trust Corp increased its stake in shares of MAC Copper by 4.0% in the fourth quarter. Northern Trust Corp now owns 339,081 shares of the company's stock worth $3,601,000 after buying an additional 13,164 shares during the period. Bank of America Corp DE increased its stake in shares of MAC Copper by 95.9% in the fourth quarter. Bank of America Corp DE now owns 70,389 shares of the company's stock worth $748,000 after buying an additional 34,454 shares during the period. Deutsche Bank AG increased its stake in shares of MAC Copper by 52.7% in the fourth quarter. Deutsche Bank AG now owns 52,207 shares of the company's stock worth $554,000 after buying an additional 18,028 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of MAC Copper by 11.7% in 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 buying an additional 194,813 shares during the period. 87.47% of the stock is owned by hedge funds and other institutional investors.

MAC Copper Company Profile

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.