TMC the metals (NASDAQ:TMC) Shares Up 10.1% – Here’s Why

TMC the metals company Inc. (NASDAQ:TMC) shot up 10.1% during trading on Thursday . The stock traded as high as $6.15 and last traded at $6.2880. 3,100,918 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 6,964,261 shares. The stock had previously closed at $5.71.

Analyst Ratings Changes

Several research firms have issued reports on TMC. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a research note on Monday, April 20th. Wall Street Zen upgraded shares of TMC the metals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Wedbush upped their price target on shares of TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $10.88.

TMC the metals Stock Performance

The firm has a fifty day moving average of $5.14 and a 200 day moving average of $6.11. The firm has a market capitalization of $2.62 billion, a PE ratio of -7.66 and a beta of 1.97.

TMC the metals (NASDAQ:TMC) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. Research analysts forecast that TMC the metals company Inc. will post -0.31 earnings per share for the current fiscal year.

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 company. NewEdge Advisors LLC purchased a new position in TMC the metals in the 2nd quarter valued at about $28,000. Osterweis Capital Management Inc. purchased a new stake in shares of TMC the metals during the fourth quarter worth about $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of TMC the metals during the fourth quarter worth about $29,000. Sunbelt Securities Inc. acquired a new position in shares of TMC the metals in the third quarter worth about $34,000. Finally, Farther Finance Advisors LLC boosted its holdings in TMC the metals by 465.8% in the fourth quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company’s stock valued at $35,000 after purchasing an additional 4,681 shares during the last quarter. Hedge funds and other institutional investors own 4.39% of the company’s stock.

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.