TMC the metals (NASDAQ:TMC) Stock Price Up 7.6% - Here's What Happened

Key Points

• TMC shares rose 7.6% in mid-day trading to about $4.03, although trading volume was 92% below the stock’s average session volume.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $10.44; individual targets range from $10.00 to $11.75, despite one “sell” rating.
• The company reported a quarterly loss of $0.14 per share, missing the $0.06 loss expected by analysts. TMC is developing deep-sea polymetallic nodule resources containing battery and industrial metals such as nickel, copper, cobalt and manganese.

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) were up 7.6% during mid-day trading on Wednesday. The stock traded as high as $3.92 and last traded at $4.0250. 509,466 shares were traded during trading, a decline of 92% from the average session volume of 6,292,611 shares. The stock had previously closed at $3.74.

Analysts Set New Price Targets

A number of analysts have issued reports on TMC shares. Weiss Ratings reissued a "sell (d-)" rating on shares of TMC the metals in a research report on Friday, July 17th. Stifel Nicolaus assumed coverage on TMC the metals in a research report on Friday, August 28th. They set a "buy" rating and a $10.00 price target on the stock. Maxim Group started coverage on TMC the metals in a report on Thursday, June 4th. They issued a "buy" rating and a $10.00 price target for the company. Finally, HC Wainwright reissued a "buy" rating and issued a $11.75 price target on shares of TMC the metals in a report on Tuesday, June 2nd. One equities research 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 assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $10.44.

TMC the metals Trading Up 7.1%

The stock has a market cap of $1.77 billion, a PE ratio of -5.49 and a beta of 2.10. The firm has a fifty day simple moving average of $4.15 and a two-hundred day simple moving average of $4.71.

TMC the metals (NASDAQ:TMC - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.08). Equities analysts forecast that TMC the metals company Inc. will post -0.33 earnings per share for the current year.

Hedge Funds Weigh In On TMC the metals

Hedge funds and other institutional investors have recently modified their holdings of the company. Encompass Capital Advisors LLC purchased a new position in shares of TMC the metals during the 4th quarter valued at about $18,510,000. BlackRock Inc. bought a new position in shares of TMC the metals during the 2nd quarter valued at $6,556,000. Old West Investment Management LLC bought a new position in shares of TMC the metals during the 2nd quarter valued at $5,334,000. State Street Corp raised its position in TMC the metals by 15.9% in the 2nd quarter. State Street Corp now owns 1,143,002 shares of the company's stock worth $5,063,000 after purchasing an additional 156,852 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in TMC the metals in the 1st quarter worth $3,409,000. 4.39% of the stock is currently owned by hedge funds and other institutional investors.

TMC the metals Company Profile

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.

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