TMC the metals (NASDAQ:TMC) Price Target Raised to $10.00 at Wedbush

Key Points

• Wedbush raised its target price on TMC the metals to $10.00 (from $8.00) with an "outperform" rating, implying a potential upside of 85.19% from the prior close.
• Analyst coverage is mixed—two Buys, one Hold and one Sell—with a MarketBeat consensus of "Hold" and an average target price of $10.88 (HC Wainwright is more bullish at $11.75 while Weiss Ratings maintains a "sell (d-)").
• The stock opened at $5.40, trades in a 52-week range of $2.81–$11.35, has a market cap of about $2.34 billion and a negative P/E of -6.75.

TMC the metals (NASDAQ:TMC - Get Free Report) had its target price lifted by Wedbush from $8.00 to $10.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Wedbush's target price suggests a potential upside of 85.19% from the stock's previous close.

A number of other equities research analysts have also weighed in on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of TMC the metals in a report on Monday, April 20th. HC Wainwright upped their price objective on shares of TMC the metals from $7.50 to $11.75 and gave the company a "buy" rating in a research note on Friday, January 23rd. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $10.88.

TMC the metals Price Performance

TMC opened at $5.40 on Monday. TMC the metals has a fifty-two week low of $2.81 and a fifty-two week high of $11.35. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of -6.75 and a beta of 1.97. The company's 50 day moving average price is $5.36 and its two-hundred day moving average price is $6.32.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TMC. Goldman Sachs Group Inc. acquired a new position in TMC the metals during the first quarter worth $211,000. Geode Capital Management LLC raised its holdings in TMC the metals by 79.6% during the second quarter. Geode Capital Management LLC now owns 330,823 shares of the company's stock worth $2,183,000 after buying an additional 146,650 shares during the last quarter. Creative Planning acquired a new position in TMC the metals during the second quarter worth $76,000. Cetera Investment Advisers acquired a new position in TMC the metals during the second quarter worth $168,000. Finally, Quantbot Technologies LP acquired a new position in TMC the metals during the second quarter worth $48,000. Institutional investors and hedge funds own 4.39% of the company's stock.

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.

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