TMC the metals (NASDAQ:TMC) Shares Gap Up – Here’s What Happened

Shares of TMC the metals company Inc. (NASDAQ:TMC) gapped up prior to trading on Thursday . The stock had previously closed at $5.12, but opened at $5.42. TMC the metals shares last traded at $5.1460, with a volume of 858,558 shares traded.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TMC. Wedbush reduced their target price on TMC the metals from $11.00 to $8.00 and set an “outperform” rating for the company in a research note on Tuesday, March 31st. HC Wainwright raised their target price on TMC the metals from $7.50 to $11.75 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of TMC the metals in a research note on Wednesday, January 21st. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $9.88.

TMC the metals Trading Up 3.8%

The firm has a 50-day simple moving average of $5.56 and a two-hundred day simple moving average of $6.57. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of -6.67 and a beta of 2.00.

Institutional Investors Weigh In On TMC the metals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in TMC the metals by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 371,142 shares of the company’s stock worth $2,288,000 after purchasing an additional 1,566 shares during the period. Howe & Rusling Inc. grew its position in TMC the metals by 31.2% during the 3rd quarter. Howe & Rusling Inc. now owns 14,855 shares of the company’s stock worth $95,000 after purchasing an additional 3,530 shares during the period. NewEdge Advisors LLC acquired a new stake in TMC the metals during the 2nd quarter worth about $28,000. Osterweis Capital Management Inc. acquired a new stake in TMC the metals during the 4th quarter worth about $29,000. Finally, Farther Finance Advisors LLC grew its position in TMC the metals by 465.8% during the 4th quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company’s stock worth $35,000 after purchasing an additional 4,681 shares during the period. 4.39% of the stock is owned by institutional investors and hedge funds.

TMC the metals Company Profile

TMC the metals company Inc, a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications.