Blue Moon Metals (NASDAQ:BMM) Stock Price Down 8.4% – Time to Sell?

Blue Moon Metals Inc. (NASDAQ:BMM) was down 8.4% on Thursday. The stock traded as low as $3.92 and last traded at $3.94. 343,328 shares were traded during mid-day trading, an increase of 98% from the average session volume of 173,671 shares. The stock had previously closed at $4.30.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Blue Moon Metals in a research note on Friday, September 11th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $15.00.

Blue Moon Metals Stock Performance

The stock has a 50 day simple moving average of $5.18 and a 200 day simple moving average of $6.12.

Hedge Funds Weigh In On Blue Moon Metals

Large investors have recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. grew its position in Blue Moon Metals by 1,314.3% in 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 buying an additional 3,601,539 shares in the last quarter. PenderFund Capital Management Ltd. raised its stake in Blue Moon Metals by 108.0% during the 2nd 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 during the period. Moore Capital Management LP acquired a new position in shares of Blue Moon Metals in the 2nd quarter valued at about $3,052,000. Bank of America Corp DE boosted its stake in shares of Blue Moon Metals by 2,095.4% during the 2nd quarter. Bank of America Corp DE now owns 454,497 shares of the company’s stock valued at $2,904,000 after buying an additional 433,795 shares during the period. Finally, Deutsche Bank AG increased its position in Blue Moon Metals by 41.3% in the 2nd quarter. Deutsche Bank AG now owns 953,102 shares of the company’s stock worth $6,090,000 after purchasing an additional 278,801 shares during 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.