MAC Copper (NYSE:MTAL) Sees Unusually-High Trading Volume - Time to Buy?

Key Points

• MAC Copper Limited (NYSE:MTAL) experienced a significant trading volume increase of 181%, with approximately 1.68 million shares traded compared to the previous session.
• Analysts have mixed ratings on MTAL, with a target price varying from $12.25 to $13.00, leading to an average rating of "Hold."
• Institutional investors hold 87.47% of MAC Copper's stock, with notable increases in positions by hedge funds like Bank of America Corp DE, which boosted its holdings by 95.9%.

MAC Copper Limited (NYSE:MTAL - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 1,683,291 shares traded hands during mid-day trading, an increase of 181% from the previous session's volume of 598,173 shares.The stock last traded at $12.21 and had previously closed at $12.20.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on MTAL shares. Scotiabank restated a "sector perform" rating and issued a $13.00 price objective on shares of MAC Copper in a report on Tuesday, May 27th. Canaccord Genuity Group downgraded MAC Copper from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 11th. Finally, BMO Capital Markets restated a "market perform" rating and set a $12.25 price objective (up previously from $11.00) on shares of MAC Copper in a report on Tuesday, June 3rd. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, MAC Copper presently has an average rating of "Hold" and an average target price of $12.63.

MAC Copper Trading Up 0.0%

The company has a debt-to-equity ratio of 0.68, a current ratio of 0.58 and a quick ratio of 0.45. The company has a fifty day simple moving average of $12.10 and a 200-day simple moving average of $10.97.

Hedge Funds Weigh In On MAC Copper

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE boosted its position in shares of MAC Copper by 95.9% during the fourth quarter. Bank of America Corp DE now owns 70,389 shares of the company's stock worth $748,000 after purchasing an additional 34,454 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of MAC Copper during the 1st quarter worth approximately $249,000. Fourth Sail Capital LP lifted its holdings in shares of MAC Copper by 1.0% during the 1st quarter. Fourth Sail Capital LP now owns 5,185,005 shares of the company's stock worth $49,465,000 after acquiring an additional 49,862 shares during the period. GSA Capital Partners LLP bought a new position in MAC Copper in the 1st quarter valued at approximately $791,000. Finally, Squarepoint Ops LLC bought a new position in MAC Copper in the 4th quarter valued at approximately $235,000. 87.47% of the stock is owned by institutional investors.

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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