MAC Copper Limited (NYSE:MTAL) Short Interest Update

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) saw a significant decline in short interest during the month of August. As of August 15th, there was short interest totaling 1,340,000 shares, a decline of 20.7% from the July 31st total of 1,690,000 shares. Currently, 2.2% of the company's stock are sold short. Based on an average daily trading volume, of 825,800 shares, the short-interest ratio is currently 1.6 days. Based on an average daily trading volume, of 825,800 shares, the short-interest ratio is currently 1.6 days. Currently, 2.2% of the company's stock are sold short.

MAC Copper Stock Performance

Shares of 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 business has a fifty day moving average price of $12.10 and a 200-day moving average price of $10.95. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.45 and a current ratio of 0.58. MAC Copper has a 52 week low of $7.69 and a 52 week high of $14.31.

Wall Street Analysts Forecast Growth

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

Institutional Trading of MAC Copper

Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in shares of MAC Copper by 10,692.3% in the second quarter. EverSource Wealth Advisors LLC now owns 2,806 shares of the company's stock valued at $34,000 after buying an additional 2,780 shares during the period. Wolverine Asset Management LLC bought a new stake in shares of MAC Copper in the second quarter valued at $52,000. Russell Investments Group Ltd. raised its stake in shares of MAC Copper by 56.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 6,108 shares of the company's stock valued at $74,000 after purchasing an additional 2,197 shares during the period. Ameritas Investment Partners Inc. raised its stake in shares of MAC Copper by 38.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,288 shares of the company's stock valued at $88,000 after purchasing an additional 2,011 shares during the period. Finally, Signaturefd LLC raised its stake in shares of MAC Copper by 256.3% during the 2nd quarter. Signaturefd LLC now owns 10,575 shares of the company's stock valued at $128,000 after purchasing an additional 7,607 shares during the period. 87.47% of the stock is currently owned by 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.