MAC Copper (NYSE:MTAL) Sees Large Volume Increase - Still a Buy?

Key Points

• MAC Copper Limited (NYSE:MTAL) experienced a significant increase in trading volume, with approximately 1,094,447 shares traded, marking a 129% rise from the previous session.
• Research analysts have downgraded MAC Copper's rating from "strong-buy" to "hold," with BMO Capital Markets setting a price target of $12.25, slightly up from $11.00.
• Institutional investors represent 87.47% of MAC Copper's stock ownership, indicating strong support from large financial players.

MAC Copper Limited (NYSE:MTAL - Get Free Report) shares saw unusually-strong trading volume on Thursday . Approximately 1,094,447 shares were traded during trading, an increase of 129% from the previous session's volume of 477,744 shares.The stock last traded at $12.05 and had previously closed at $12.07.

Analyst Ratings Changes

MTAL has been the topic of a number of research reports. Canaccord Genuity Group downgraded MAC Copper from a "strong-buy" rating to a "hold" rating in a report on Friday, July 11th. BMO Capital Markets reissued a "market perform" rating and issued a $12.25 price target (up previously from $11.00) on shares of MAC Copper in a research note on Tuesday, June 3rd. National Bank Financial downgraded shares of MAC Copper from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 30th. Finally, Scotiabank reiterated a "sector perform" rating and issued a $13.00 price objective on shares of MAC Copper in a report on Tuesday, May 27th.

MAC Copper Trading Down 0.3%

The company has a quick ratio of 0.97, a current ratio of 1.12 and a debt-to-equity ratio of 0.63. The firm's fifty day moving average is $11.98 and its 200 day moving average is $10.67.

Institutional Trading of MAC Copper

Several hedge funds have recently added to or reduced their stakes in MTAL. Ethic Inc. bought a new stake in shares of MAC Copper in the 2nd quarter worth approximately $1,929,000. Credit Industriel ET Commercial bought a new stake in MAC Copper in the 2nd quarter valued at $2,333,000. Vanguard Personalized Indexing Management LLC acquired a new position in shares of MAC Copper in the 2nd quarter valued at $536,000. Signaturefd LLC lifted its holdings in shares of MAC Copper by 256.3% during the 2nd quarter. Signaturefd LLC now owns 10,575 shares of the company's stock worth $128,000 after acquiring an additional 7,607 shares during the period. Finally, Mudita Advisors LLP increased its stake in MAC Copper by 38.3% in the first quarter. Mudita Advisors LLP now owns 435,400 shares of the company's stock valued at $4,154,000 after acquiring an additional 120,600 shares during the period. Institutional investors own 87.47% of the company's stock.

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.

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