TMC the metals (NASDAQ:TMC) Trading 12.6% Higher – Here’s What Happened

TMC the metals company Inc. (NASDAQ:TMC) shot up 12.6% during trading on Tuesday . The company traded as high as $4.63 and last traded at $4.6150. 5,513,848 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 8,026,533 shares. The stock had previously closed at $4.10.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a research report on Wednesday, January 21st. HC Wainwright lifted their price target on TMC the metals from $7.50 to $11.75 and gave the company a “buy” rating in a report on Friday, January 23rd. Finally, Wedbush lowered their price target on TMC the metals from $11.00 to $8.00 and set an “outperform” rating for the company in a research note on Tuesday. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $9.88.

TMC the metals Stock Up 12.8%

The stock has a market cap of $1.91 billion, a P/E ratio of -5.78 and a beta of 1.87. The business has a 50-day simple moving average of $6.29 and a 200-day simple moving average of $6.68.

Institutional Trading of TMC the metals

A number of institutional investors and hedge funds have recently modified their holdings of the company. Encompass Capital Advisors LLC acquired a new position in TMC the metals in the 4th quarter valued at $18,510,000. Old West Investment Management LLC boosted its holdings in TMC the metals by 49.6% during the third quarter. Old West Investment Management LLC now owns 1,997,238 shares of the company’s stock valued at $12,722,000 after acquiring an additional 662,200 shares during the period. State Street Corp boosted its holdings in TMC the metals by 2.4% during the fourth quarter. State Street Corp now owns 986,160 shares of the company’s stock valued at $6,085,000 after acquiring an additional 23,095 shares during the period. Jump Financial LLC acquired a new stake in shares of TMC the metals in the second quarter valued at about $6,216,000. Finally, Verition Fund Management LLC grew its position in shares of TMC the metals by 120.1% in the fourth quarter. Verition Fund Management LLC now owns 817,364 shares of the company’s stock valued at $5,043,000 after purchasing an additional 445,985 shares during the last quarter. 4.39% of the stock is currently owned by institutional investors and hedge funds.

About TMC the metals

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.