TMC the metals (NASDAQ:TMC) Shares Gap Up – Should You Buy?

TMC the metals company Inc. (NASDAQ:TMC) shares gapped up prior to trading on Wednesday . The stock had previously closed at $3.75, but opened at $3.89. TMC the metals shares last traded at $3.7350, with a volume of 380,580 shares.

Analyst Ratings Changes

A number of research analysts have weighed in on TMC shares. Stifel Nicolaus started coverage on TMC the metals in a report on Friday, August 28th. They issued a “buy” rating and a $10.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $11.75 price target on shares of TMC the metals in a research note on Tuesday, June 2nd. Maxim Group initiated coverage on shares of TMC the metals in a research report on Thursday, June 4th. They set a “buy” rating and a $10.00 price target for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.44.

TMC the metals Price Performance

The firm has a market capitalization of $1.65 billion, a PE ratio of -5.12 and a beta of 2.10. The company has a 50-day moving average price of $4.14 and a 200 day moving average price of $4.83.

TMC the metals (NASDAQ:TMC) last released its earnings results on Thursday, August 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.08). As a group, research analysts anticipate that TMC the metals company Inc. will post -0.33 earnings per share for the current year.

Institutional Investors Weigh In On TMC the metals

Several institutional investors and hedge funds have recently modified their holdings of the stock. Tidal Investments LLC lifted its holdings in shares of TMC the metals by 39.0% in the second quarter. Tidal Investments LLC now owns 17,560 shares of the company’s stock worth $78,000 after buying an additional 4,928 shares in the last quarter. WINTON GROUP Ltd bought a new position in shares of TMC the metals during the second quarter worth $975,000. Engineers Gate Manager LP purchased a new position in TMC the metals during the second quarter valued at $402,000. Arizona State Retirement System grew its stake in TMC the metals by 5.2% during the second quarter. Arizona State Retirement System now owns 59,765 shares of the company’s stock valued at $265,000 after acquiring an additional 2,977 shares in the last quarter. Finally, Amundi increased its holdings in TMC the metals by 625.7% in the 2nd quarter. Amundi now owns 320,673 shares of the company’s stock valued at $1,421,000 after acquiring an additional 276,487 shares during the last quarter. Institutional investors own 4.39% of the company’s stock.

TMC the metals Company Profile

The Metals Company (NASDAQ: TMC) is a deep-sea minerals exploration and development company focused on the potential recovery of polymetallic nodules from the ocean floor. These potato-sized nodules contain nickel, copper, cobalt and manganese, metals used in batteries, electric vehicles, renewable energy infrastructure and other industrial applications.

The company’s primary exploration interests are in the Clarion-Clipperton Zone, an area of the Pacific Ocean between Mexico and Hawaii.