TMC the metals (NASDAQ:TMC) Stock Price Up 8.5% – Time to Buy?

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

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a research report on Thursday, October 15th. Stifel Nicolaus initiated 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 on the stock. Finally, Zacks Research lowered shares of TMC the metals from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, TMC the metals currently has an average rating of “Moderate Buy” and a consensus price target of $10.44.

TMC the metals Price Performance

The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -3.84 and a beta of 1.91. The firm has a fifty day simple moving average of $3.74 and a two-hundred day simple moving average of $4.96.

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

Institutional Trading of TMC the metals

Several large investors have recently added to or reduced their stakes in TMC. GK Wealth Management LLC purchased a new position in TMC the metals during the third quarter valued at approximately $29,000. Main Street Research LLC acquired a new position in shares of TMC the metals in the 1st quarter valued at $47,000. Northwestern Mutual Wealth Management Co. purchased a new stake in TMC the metals during the second quarter worth $44,000. Coastal Bridge Advisors LLC purchased a new stake in TMC the metals during the second quarter worth $44,000. Finally, Consolidated Capital Management LLC purchased a new stake in TMC the metals during the third quarter worth $38,000. Hedge funds and other institutional investors own 4.39% of the company’s stock.

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.