Blue Moon Metals (NASDAQ:BMM) Stock Gets Price Target Reduction from Scotiabank

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

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

Blue Moon Metals Trading Down 13.8%

Shares of Blue Moon Metals stock traded down $0.48 during trading hours on Wednesday, reaching $2.99. 1,144,163 shares of the stock traded hands, compared to its average volume of 182,511. Blue Moon Metals has a one year low of $2.42 and a one year high of $8.63. The company has a 50 day moving average price of $5.00 and a 200 day moving average price of $5.98.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. FirstWave Capital Management LLC purchased a new position in shares of Blue Moon Metals during the 2nd quarter valued at about $1,077,000. Moore Capital Management LP bought a new position in shares of Blue Moon Metals during the 2nd quarter valued at approximately $3,052,000. PenderFund Capital Management Ltd. increased its holdings in Blue Moon Metals by 108.0% in the 2nd quarter. PenderFund Capital Management Ltd. now owns 1,176,098 shares of the company’s stock worth $7,463,000 after acquiring an additional 610,800 shares in the last quarter. Bank of America Corp DE increased its holdings in 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 acquiring an additional 433,795 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake 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 worth $24,569,000 after acquiring an additional 3,601,539 shares during the period.

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.