TMC the metals (NASDAQ:TMC) Stock Price Up 13% – Should You Buy?

TMC the metals company Inc. (NASDAQ:TMC) shares traded up 13% during mid-day trading on Monday. The stock traded as high as $2.50 and last traded at $2.5640. Approximately 1,045,150 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 6,141,612 shares. The stock had previously closed at $2.27.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on TMC shares. Stifel Nicolaus started coverage on shares of TMC the metals in a report on Friday, August 28th. They issued a “buy” rating and a $10.00 target price for the company. Zacks Research raised shares of TMC the metals from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, TMC the metals has a consensus rating of “Moderate Buy” and an average target price of $10.44.

TMC the metals Stock Performance

The stock has a fifty day moving average price of $3.33 and a 200-day moving average price of $4.73. The firm has a market cap of $1.07 billion, a PE ratio of -3.32 and a beta of 2.22.

TMC the metals (NASDAQ:TMC) last posted 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, equities analysts predict that TMC the metals company Inc. will post -0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TMC the metals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC acquired a new position in TMC the metals in the first quarter worth about $3,409,000. Mirador Capital Partners LP acquired a new stake in TMC the metals during the third quarter valued at approximately $2,448,000. BlackRock Inc. bought a new position in TMC the metals during the 2nd quarter worth approximately $6,556,000. WINTON GROUP Ltd bought a new position in TMC the metals during the 2nd quarter worth approximately $975,000. Finally, Amundi lifted its holdings in TMC the metals by 625.7% during the 2nd quarter. Amundi now owns 320,673 shares of the company’s stock worth $1,421,000 after buying an additional 276,487 shares during the last quarter. Institutional investors and hedge funds own 4.39% of the company’s stock.

About TMC the metals

TMC the metals company Inc. is a deep-sea minerals exploration and development company focused on polymetallic nodules found on the ocean floor. The nodules contain metals including nickel, copper, cobalt and manganese, which are used in batteries, stainless steel and other industrial applications. The company’s exploration activities are centered in the Clarion-Clipperton Zone of the Pacific Ocean. Through subsidiaries sponsored by Pacific island nations, TMC holds exploration contracts with the International Seabed Authority.