TMC the metals (NASDAQ:TMC) Shares Up 8.5% - Time to Buy?

Key Points

• TMC shares rose 8.5% to about $2.59, though trading volume was 85% below the average daily level.
• Analyst sentiment is mixed: the consensus rating is “Moderate Buy” with an average price target of $10.44, but some firms rate the stock “sell” or “strong sell.”
• The company remains unprofitable, reporting a quarterly loss of $0.14 per share versus the expected $0.06 loss, while hedge funds and institutional investors own just 4.39% of shares.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares shot up 8.5% during trading on Tuesday. The stock traded as high as $2.58 and last traded at $2.5930. 898,184 shares were traded during mid-day trading, a decline of 85% from the average session volume of 6,192,061 shares. The stock had previously closed at $2.39.

Wall Street Analyst Weigh In

Several research firms have weighed in on TMC. Stifel Nicolaus began coverage on TMC the metals in a report on Friday, August 28th. They issued a "buy" rating and a $10.00 price target on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of TMC the metals in a research report on Thursday, October 15th. Finally, Zacks Research lowered shares of TMC the metals from a "hold" rating to a "strong sell" rating in a report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $10.44.

TMC the metals Stock Performance

The business's 50-day moving average is $3.78 and its 200-day moving average is $5.01. The company has a market capitalization of $1.18 billion, a PE ratio of -3.68 and a beta of 1.91.

TMC the metals (NASDAQ:TMC - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.08). Analysts expect that TMC the metals company Inc. will post -0.38 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Apollon Wealth Management LLC bought a new position in shares of TMC the metals during the 3rd quarter valued at $52,000. Wedbush Securities Inc. lifted its holdings in TMC the metals by 37.3% in the 3rd quarter. Wedbush Securities Inc. now owns 31,450 shares of the company's stock worth $121,000 after purchasing an additional 8,550 shares in the last quarter. Brookstone Capital Management bought a new position in shares of TMC the metals during the third quarter worth $39,000. Isthmus Partners LLC purchased a new stake in shares of TMC the metals in the third quarter worth about $87,000. Finally, SBI Securities Co. Ltd. boosted its position in shares of TMC the metals by 52.2% during the 3rd quarter. SBI Securities Co. Ltd. now owns 14,519 shares of the company's stock valued at $56,000 after acquiring an additional 4,980 shares during the last quarter. 4.39% of the stock is owned by hedge funds and other institutional investors.

TMC the metals Company Profile

TMC the metals company Inc, formerly known as DeepGreen Metals, is a deep-sea minerals exploration and development company. The company is focused on polymetallic nodules, mineral-rich rocks found on the seafloor that contain nickel, copper, cobalt and manganese—metals used in batteries, renewable energy systems and other industrial applications.

Through its subsidiaries, including Nauru Ocean Resources Inc (NORI), TMC holds exploration interests in the Clarion-Clipperton Zone, an area of the Pacific Ocean between Hawaii and Mexico.

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