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

TMC the metals company Inc. (NASDAQ:TMC)’s share price was up 10.1% during trading on Thursday . The stock traded as high as $6.15 and last traded at $6.2880. Approximately 3,100,918 shares traded 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.

Analyst Upgrades and Downgrades

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

TMC the metals Price Performance

The company has a market capitalization of $2.78 billion, a P/E ratio of -8.15 and a beta of 1.97. The firm has a fifty day moving average price of $5.13 and a 200-day moving average price of $6.11.

TMC the metals (NASDAQ:TMC) last released its earnings results 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. On average, research analysts forecast that TMC the metals company Inc. will post -0.31 EPS for the current year.

Hedge Funds Weigh In On TMC the metals

Institutional investors and hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC bought a new position in TMC the metals during the fourth quarter valued at $1,460,000. Quantbot Technologies LP grew its holdings in TMC the metals by 2,615.8% during the third quarter. Quantbot Technologies LP now owns 195,971 shares of the company’s stock valued at $1,248,000 after purchasing an additional 188,755 shares during the period. Mutual Advisors LLC bought a new position in TMC the metals during the third quarter valued at $1,390,000. Old West Investment Management LLC boosted its holdings 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 acquiring an additional 662,200 shares during the period. Finally, GSA Capital Partners LLP boosted its holdings in shares of TMC the metals by 123.8% in the fourth quarter. GSA Capital Partners LLP now owns 220,510 shares of the company’s stock worth $1,361,000 after acquiring an additional 121,961 shares during the period. 4.39% of the stock is owned by institutional investors.

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.