TMC the metals (NASDAQ:TMC) Trading 8.9% Higher – Still a Buy?

TMC the metals company Inc. (NASDAQ:TMC)’s stock price shot up 8.9% during trading on Monday . The stock traded as high as $4.12 and last traded at $4.1150. 3,113,234 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 6,378,901 shares. The stock had previously closed at $3.78.

Analyst Ratings Changes

A number of research firms have recently weighed in on TMC. Stifel Nicolaus began coverage on shares of TMC the metals in a research report on Friday, August 28th. They set a “buy” rating and a $10.00 price target for the company. Maxim Group initiated coverage on shares of TMC the metals in a research report on Thursday, June 4th. They issued a “buy” rating and a $10.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a report on Friday, July 17th. Finally, HC Wainwright reiterated a “buy” rating and set a $11.75 price target on shares of TMC the metals in a research report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $10.44.

TMC the metals Price Performance

The firm has a market cap of $1.95 billion, a price-to-earnings ratio of -6.04 and a beta of 2.10. The stock’s fifty day moving average price is $4.14 and its 200-day moving average price is $4.79.

TMC the metals (NASDAQ:TMC) last posted 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, equities research analysts predict that TMC the metals company Inc. will post -0.33 EPS for the current fiscal year.

Institutional Investors Weigh In On TMC the metals

Several hedge funds have recently bought and sold shares of TMC. Caitong International Asset Management Co. Ltd acquired a new position in shares of TMC the metals in the 4th quarter valued at about $33,000. Main Street Research LLC purchased a new position in TMC the metals during the first quarter valued at approximately $47,000. Consolidated Capital Management LLC acquired a new position in TMC the metals in the 4th quarter valued at approximately $62,000. Northwestern Mutual Wealth Management Co. acquired a new stake in TMC the metals during the second quarter valued at $44,000. Finally, Coastal Bridge Advisors LLC purchased a new stake in shares of TMC the metals during the 2nd quarter worth about $44,000. 4.39% of the stock is owned by hedge funds and other institutional investors.

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.