MAC Copper (NYSE:MTAL) Sees Strong Trading Volume - Here's What Happened

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 traded hands 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.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on MTAL shares. Canaccord Genuity Group cut shares of MAC Copper from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 11th. National Bank Financial lowered shares of MAC Copper from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 30th. BMO Capital Markets reiterated a "market perform" rating and set a $12.25 price objective (up from $11.00) on shares of MAC Copper in a report on Tuesday, June 3rd. Finally, Scotiabank reiterated a "sector perform" rating and set a $13.00 price objective on shares of MAC Copper in a report on Tuesday, May 27th.

MAC Copper Stock Performance

The company has a current ratio of 1.12, a quick ratio of 0.97 and a debt-to-equity ratio of 0.63. The company's fifty day moving average price is $12.06 and its two-hundred day moving average price is $10.70.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MTAL. JPMorgan Chase & Co. raised its holdings in MAC Copper by 70.7% in the fourth quarter. JPMorgan Chase & Co. now owns 112,771 shares of the company's stock valued at $1,198,000 after buying an additional 46,701 shares during the period. Orion Portfolio Solutions LLC purchased a new position in MAC Copper in the fourth quarter valued at approximately $119,000. Wells Fargo & Company MN raised its holdings in MAC Copper by 32.7% in the fourth quarter. Wells Fargo & Company MN now owns 29,837 shares of the company's stock valued at $317,000 after buying an additional 7,352 shares during the period. Quadrant Capital Group LLC purchased a new position in MAC Copper in the fourth quarter valued at approximately $26,000. Finally, Invesco Ltd. raised its holdings in MAC Copper by 6.5% in the fourth quarter. Invesco Ltd. now owns 25,755 shares of the company's stock valued at $274,000 after buying an additional 1,576 shares during the period. Hedge funds and other 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.