TMC the metals (NASDAQ:TMC) Stock Jumps 7.6% – Here’s What Happened

TMC the metals company Inc. (NASDAQ:TMC)’s stock price rose 7.6% during mid-day trading on Wednesday. The company traded as high as $3.92 and last traded at $4.0250. Approximately 509,466 shares changed hands during trading, a decline of 92% from the average session volume of 6,292,611 shares. The stock had previously closed at $3.74.

Analysts Set New Price Targets

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

TMC the metals Trading Up 7.1%

The business has a fifty day moving average of $4.15 and a 200-day moving average of $4.71. The company has a market cap of $1.77 billion, a PE ratio of -5.49 and a beta of 2.10.

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

Hedge Funds Weigh In On TMC the metals

A number of hedge funds and other institutional investors have recently made changes to their positions in TMC. Caitong International Asset Management Co. Ltd purchased a new stake in TMC the metals in the fourth quarter worth $33,000. Coastal Bridge Advisors LLC purchased a new position in TMC the metals during the 2nd quarter valued at $44,000. Northwestern Mutual Wealth Management Co. purchased a new position in TMC the metals during the 2nd quarter valued at $44,000. Vise Technologies Inc. bought a new position in TMC the metals in the 2nd quarter worth $45,000. Finally, Bank of New York Mellon Corp bought a new position in TMC the metals in the 2nd quarter worth $45,000. Institutional investors own 4.39% of the company’s stock.

About TMC the metals

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.