Scotiabank Has Lowered Expectations for Blue Moon Metals (NASDAQ:BMM) Stock Price

Blue Moon Metals (NASDAQ:BMM) had its target price reduced by analysts at Scotiabank from C$14.00 to C$11.50 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Blue Moon Metals in a report on Friday, September 11th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.00.

Blue Moon Metals Price Performance

NASDAQ:BMM traded down $0.48 during trading hours on Wednesday, hitting $2.99. 1,144,163 shares of the company traded hands, compared to its average volume of 182,511. The firm’s 50-day simple moving average is $5.00 and its 200-day simple moving average is $5.98. Blue Moon Metals has a one year low of $2.42 and a one year high of $8.63.

Institutional Trading of Blue Moon Metals

A number of institutional investors have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. boosted its position in Blue Moon Metals by 1,314.3% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,875,569 shares of the company’s stock valued at $24,569,000 after acquiring an additional 3,601,539 shares in the last quarter. PenderFund Capital Management Ltd. increased its stake in shares of Blue Moon Metals by 108.0% during the second quarter. PenderFund Capital Management Ltd. now owns 1,176,098 shares of the company’s stock valued at $7,463,000 after purchasing an additional 610,800 shares in the last quarter. Deutsche Bank AG lifted its holdings in shares of Blue Moon Metals by 41.3% during the second quarter. Deutsche Bank AG now owns 953,102 shares of the company’s stock valued at $6,090,000 after purchasing an additional 278,801 shares during the last quarter. Moore Capital Management LP bought a new stake in shares of Blue Moon Metals in the 2nd quarter worth approximately $3,052,000. Finally, Bank of America Corp DE boosted its position in shares of Blue Moon Metals by 2,095.4% in the 2nd quarter. Bank of America Corp DE now owns 454,497 shares of the company’s stock worth $2,904,000 after purchasing an additional 433,795 shares in the last quarter.

Blue Moon Metals Inc is a mineral exploration and development company focused on advancing polymetallic mineral projects in North America. The company is not currently a producing mining company; its activities center on exploration, resource definition, technical studies, permitting, and project development.

Blue Moon’s principal asset is the 100%-owned Blue Moon project in Mariposa County, California. The project contains deposits of zinc, copper, gold, and silver, and the company is working to evaluate and advance the property toward potential future development.