TMC the metals (NASDAQ:TMC) Shares Gap Up – Here’s What Happened

Shares of TMC the metals company Inc. (NASDAQ:TMC) gapped up before the market opened 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 Stories Impacting TMC the metals

These are some of the TMC stories that stood out recently:

• Positive Sentiment: HC Wainwright maintained a Buy rating and sees substantial potential upside from the recent share price, although it cut its price target sharply from $11.75 to $5.50. HC Wainwright rating and price target
• Positive Sentiment: Third-quarter results showed a loss of $0.06 per share, in line with the consensus estimate and better than FactSet’s forecast loss of $0.07; reports also described the quarterly loss as narrower. TMC reported approximately $123 million in available liquidity. TMC Q3 loss narrows
• Negative Sentiment: The delay extends uncertainty around TMC’s path to commercial operations. The company used $19.4 million in operating cash during the quarter, recorded a $28.4 million net loss, and generated just $0.08 million in revenue. Its mining technology has been demonstrated, but commercial mining still requires permission. Is TMC stock a buy?

Analysts Set New Price Targets

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

TMC the metals Trading Up 0.4%

The firm’s fifty day moving average price is $3.21 and its 200-day moving average price is $4.64. The company has a market cap of $1.02 billion, a P/E ratio of -7.00 and a beta of 2.22.

TMC the metals (NASDAQ:TMC) last posted its quarterly earnings results on Thursday, November 12th. The company reported ($0.06) EPS for the quarter, meeting the consensus estimate of ($0.06). As a group, research analysts forecast that TMC the metals company Inc. will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TMC the metals

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of TMC the metals in the 2nd quarter worth $6,556,000. Old West Investment Management LLC bought a new position in TMC the metals during the second quarter worth about $5,334,000. Renaissance Technologies LLC acquired a new position in shares of TMC the metals during the 1st quarter worth about $3,409,000. Mirador Capital Partners LP acquired a new position in shares of TMC the metals during the 3rd quarter worth about $2,448,000. Finally, Amundi increased its stake in shares of TMC the metals by 625.7% in the 2nd quarter. Amundi now owns 320,673 shares of the company’s stock valued at $1,421,000 after acquiring an additional 276,487 shares during the last quarter. Institutional investors and hedge funds own 4.39% of the company’s stock.

TMC the metals Company Profile

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.