TMC the metals (NASDAQ:TMC) Stock Price Up 8.5% – What’s Next?

TMC the metals company Inc. (NASDAQ:TMC) rose 8.5% during mid-day trading on Tuesday. The stock traded as high as $2.58 and last traded at $2.5930. Approximately 898,184 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 6,192,061 shares. The stock had previously closed at $2.39.

Analysts Set New Price Targets

Several research firms have recently weighed in on TMC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a research note on Thursday, October 15th. Zacks Research cut shares of TMC the metals from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 6th. Finally, Stifel Nicolaus began coverage on shares of TMC the metals in a research report on Friday, August 28th. They issued a “buy” rating and a $10.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, TMC the metals presently has a consensus rating of “Moderate Buy” and an average target price of $10.44.

TMC the metals Trading Up 12.3%

The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -3.68 and a beta of 1.91. The company has a fifty day moving average price of $3.78 and a 200-day moving average price of $5.01.

TMC the metals (NASDAQ:TMC) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.08). As a group, research analysts forecast that TMC the metals company Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TMC the metals

Several institutional investors have recently bought and sold shares of TMC. Apollon Wealth Management LLC purchased a new stake in shares of TMC the metals during the third quarter worth approximately $52,000. Wedbush Securities Inc. raised its position in shares of TMC the metals by 37.3% during the 3rd quarter. Wedbush Securities Inc. now owns 31,450 shares of the company’s stock valued at $121,000 after buying an additional 8,550 shares during the period. Brookstone Capital Management acquired a new position in shares of TMC the metals in the 3rd quarter valued at $39,000. Isthmus Partners LLC purchased a new stake in shares of TMC the metals in the 3rd quarter valued at approximately $87,000. Finally, SBI Securities Co. Ltd. lifted its stake in TMC the metals by 52.2% during the third quarter. SBI Securities Co. Ltd. now owns 14,519 shares of the company’s stock worth $56,000 after purchasing an additional 4,980 shares in the last quarter. 4.39% of the stock is currently owned by institutional investors and hedge funds.

TMC the metals Company Profile

TMC the metals company Inc, formerly known as DeepGreen Metals, is a deep-sea minerals exploration and development company. The company is focused on polymetallic nodules, mineral-rich rocks found on the seafloor that contain nickel, copper, cobalt and manganese—metals used in batteries, renewable energy systems and other industrial applications.

Through its subsidiaries, including Nauru Ocean Resources Inc (NORI), TMC holds exploration interests in the Clarion-Clipperton Zone, an area of the Pacific Ocean between Hawaii and Mexico.