Short Interest in MAC Copper Limited (NYSE:MTAL) Increases By 38.1%

Key Points

• Short interest in MAC Copper Limited (NYSE:MTAL) rose by 38.1% in August, totaling 1,850,000 shares, reflecting growing investor skepticism.
• Analysts have set a new average price target of $12.63 for the stock, with four analysts currently rating it as a "Hold."
• Approximately 87.47% of MAC Copper's stock is owned by institutional investors, indicating strong interest from larger financial entities.

MAC Copper Limited (NYSE:MTAL - Get Free Report) was the target of a significant growth in short interest in August. As of August 31st, there was short interest totaling 1,850,000 shares, a growth of 38.1% from the August 15th total of 1,340,000 shares. Based on an average daily volume of 841,800 shares, the short-interest ratio is currently 2.2 days. Approximately 3.0% of the company's stock are sold short. Approximately 3.0% of the company's stock are sold short. Based on an average daily volume of 841,800 shares, the short-interest ratio is currently 2.2 days.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On MAC Copper

A number of institutional investors and hedge funds have recently bought and sold shares of MTAL. Fourth Sail Capital LP raised its position in shares of MAC Copper by 5.2% in the 2nd quarter. Fourth Sail Capital LP now owns 5,456,461 shares of the company's stock worth $65,969,000 after acquiring an additional 271,456 shares in the last quarter. Millennium Management LLC grew its position in MAC Copper by 11.2% during the 4th quarter. Millennium Management LLC now owns 2,028,073 shares of the company's stock worth $21,538,000 after purchasing an additional 204,439 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in MAC Copper by 2.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,914,921 shares of the company's stock worth $18,268,000 after acquiring an additional 49,499 shares during the period. Balyasny Asset Management L.P. acquired a new stake in MAC Copper during the second quarter valued at $13,340,000. Finally, Geode Capital Management LLC grew its position in shares of MAC Copper by 35.7% during the 2nd quarter. Geode Capital Management LLC now owns 878,282 shares of the company's stock valued at $10,618,000 after acquiring an additional 230,926 shares during the period. 87.47% of the stock is owned by institutional investors.

MAC Copper Price Performance

MTAL traded up $0.01 during trading on Tuesday, reaching $12.21. The company had a trading volume of 4,558,229 shares, compared to its average volume of 1,136,598. The business has a 50 day simple moving average of $12.11 and a 200-day simple moving average of $10.98. MAC Copper has a 52 week low of $7.69 and a 52 week high of $14.31. The company has a quick ratio of 0.45, a current ratio of 0.58 and a debt-to-equity ratio of 0.68.

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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