TMC the metals (NASDAQ:TMC) Shares Gap Up – Time to Buy?

TMC the metals company Inc. (NASDAQ:TMC) gapped up prior to trading on Friday. The stock had previously closed at $2.30, but opened at $2.55. TMC the metals shares last traded at $2.3280, with a volume of 1,016,550 shares trading hands.

Key TMC the metals News

Here’s some of the latest news about TMC:

• Neutral Sentiment: HC Wainwright kept its “Buy” rating, but cut its price target from $11.75 to $5.50. The lower target is a significant reassessment, although it still implies substantial upside from the cited share price. HC Wainwright rating and target
• Negative Sentiment: NOAA now expects to decide by mid-December whether to certify TMC USA’s consolidated application, later than the previously expected end of October. The delay prolongs uncertainty around the approvals needed for commercial mining. TMC third-quarter corporate update
• Negative Sentiment: The company reported just $0.08 million in revenue, used $19.4 million of cash in operations during the quarter, and had approximately $123 million available in cash and credit facilities at quarter-end. TMC has demonstrated its mining technology but still lacks permission to mine commercially, leaving its business prospects dependent on regulatory progress. Is TMC stock a buy?

Analysts Set New Price Targets

Several research firms have recently issued reports on TMC. HC Wainwright dropped their price target on shares of TMC the metals from $11.75 to $5.50 and set a “buy” rating for the company in a research note on Friday. Zacks Research upgraded shares of TMC the metals from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a research note on Thursday, October 15th. Finally, Stifel Nicolaus started coverage on shares of TMC the metals in a research note on Friday, August 28th. They issued a “buy” rating and a $10.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $8.88.

TMC the metals Stock Down 0.2%

The company has a market cap of $1.01 billion, a price-to-earnings ratio of -3.14 and a beta of 2.22. The firm has a 50 day moving average price of $3.25 and a two-hundred day moving average price of $4.67.

TMC the metals (NASDAQ:TMC) last issued its quarterly earnings data on Thursday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). The company had revenue of $0.08 million for the quarter. On average, equities analysts expect that TMC the metals company Inc. will post -0.38 earnings per share for the current year.

Institutional Trading of TMC the metals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TMC. GK Wealth Management LLC acquired a new stake in TMC the metals during the 3rd quarter valued at approximately $29,000. Consolidated Capital Management LLC bought a new position in TMC the metals during the 3rd quarter worth approximately $38,000. Lazari Capital Management Inc. acquired a new position in shares of TMC the metals in the 3rd quarter worth approximately $38,000. Searle & CO. acquired a new position in shares of TMC the metals in the 3rd quarter worth approximately $38,000. Finally, Brookstone Capital Management acquired a new position in shares of TMC the metals in the 3rd quarter worth approximately $39,000. Institutional investors and hedge funds own 4.39% of the company’s stock.

About TMC the metals

TMC the metals company Inc. is a deep-sea minerals exploration and development company focused on polymetallic nodules found on the ocean floor. The nodules contain metals including nickel, copper, cobalt and manganese, which are used in batteries, stainless steel and other industrial applications. The company’s exploration activities are centered in the Clarion-Clipperton Zone of the Pacific Ocean. Through subsidiaries sponsored by Pacific island nations, TMC holds exploration contracts with the International Seabed Authority.