TMC the metals (NASDAQ:TMC) Trading 8.9% Higher – Should You Buy?

TMC the metals company Inc. (NASDAQ:TMC) rose 8.9% during trading on Monday . The company traded as high as $4.12 and last traded at $4.1150. 3,113,234 shares were traded during trading, a decline of 51% from the average session volume of 6,378,901 shares. The stock had previously closed at $3.78.

Wall Street Analyst Weigh In

Several analysts recently commented on TMC shares. Stifel Nicolaus began coverage on shares of TMC the metals in a research note on Friday, August 28th. They set a “buy” rating and a $10.00 target price for the company. Maxim Group initiated coverage on shares of TMC the metals in a research report on Thursday, June 4th. They set a “buy” rating and a $10.00 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $11.75 target price on shares of TMC the metals in a research note on Tuesday, June 2nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of TMC the metals in a report on Friday, July 17th. 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $10.44.

TMC the metals Trading Up 8.3%

The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of -5.61 and a beta of 2.10. The company has a fifty day moving average price of $4.13 and a 200-day moving average price of $4.81.

TMC the metals (NASDAQ:TMC) last released its quarterly earnings data on Thursday, August 13th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). As a group, sell-side analysts predict that TMC the metals company Inc. will post -0.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TMC. Encompass Capital Advisors LLC acquired a new position in shares of TMC the metals during the 4th quarter worth $18,510,000. BlackRock Inc. acquired a new stake in shares of TMC the metals in the 2nd quarter valued at $6,556,000. Old West Investment Management LLC bought a new stake in TMC the metals in the second quarter worth $5,334,000. Renaissance Technologies LLC bought a new stake in TMC the metals in the first quarter worth $3,409,000. Finally, Mirador Capital Partners LP boosted its holdings in TMC the metals by 8.3% in the second quarter. Mirador Capital Partners LP now owns 613,528 shares of the company’s stock worth $2,718,000 after purchasing an additional 47,199 shares in the last quarter. Institutional investors and hedge funds own 4.39% of the company’s stock.

About TMC the metals

The Metals Company (NASDAQ: TMC) is a deep-sea minerals exploration and development company focused on the potential recovery of polymetallic nodules from the ocean floor. These potato-sized nodules contain nickel, copper, cobalt and manganese, metals used in batteries, electric vehicles, renewable energy infrastructure and other industrial applications.

The company’s primary exploration interests are in the Clarion-Clipperton Zone, an area of the Pacific Ocean between Mexico and Hawaii.