TMC the metals (NASDAQ:TMC) Trading Up 10.1% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TMC shares. Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a research note on Monday, April 20th. Wall Street Zen raised TMC the metals from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Wedbush upped their price target on TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Monday, May 4th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $10.88.

TMC the metals Stock Performance

The business has a 50 day moving average of $5.13 and a two-hundred day moving average of $6.11. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of -8.15 and a beta of 1.97.

TMC the metals (NASDAQ:TMC) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. On average, equities analysts predict that TMC the metals company Inc. will post -0.31 EPS for the current fiscal year.

Institutional Trading of TMC the metals

Several institutional investors and hedge funds have recently modified their holdings of the stock. Encompass Capital Advisors LLC purchased a new stake in shares of TMC the metals in the fourth quarter worth approximately $18,510,000. Old West Investment Management LLC raised its stake in shares of TMC the metals by 49.6% in the third quarter. Old West Investment Management LLC now owns 1,997,238 shares of the company’s stock worth $12,722,000 after purchasing an additional 662,200 shares during the last quarter. State Street Corp raised its stake in shares of TMC the metals by 2.4% in the fourth quarter. State Street Corp now owns 986,160 shares of the company’s stock worth $6,085,000 after purchasing an additional 23,095 shares during the last quarter. Verition Fund Management LLC raised its stake in shares of TMC the metals by 120.1% in the fourth quarter. Verition Fund Management LLC now owns 817,364 shares of the company’s stock worth $5,043,000 after purchasing an additional 445,985 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of TMC the metals in the first quarter worth approximately $3,409,000. 4.39% of the stock is owned by hedge funds and other institutional investors.

About TMC the metals

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.