TMC the metals (NASDAQ:TMC) Shares Gap Up – Here’s What Happened

TMC the metals company Inc. (NASDAQ:TMC)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $3.75, but opened at $3.89. TMC the metals shares last traded at $3.7350, with a volume of 380,580 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $11.75 price target on shares of TMC the metals in a research report on Tuesday, June 2nd. Stifel Nicolaus began coverage on shares of TMC the metals in a research note on Friday, August 28th. They set a “buy” rating and a $10.00 price objective on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of TMC the metals in a research note on Friday, July 17th. Finally, Maxim Group assumed coverage on shares of TMC the metals in a research report on Thursday, June 4th. They issued a “buy” rating and a $10.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.44.

TMC the metals Price Performance

The business’s 50-day moving average price is $4.16 and its two-hundred day moving average price is $4.87. The company has a market capitalization of $1.66 billion, a P/E ratio of -5.14 and a beta of 2.10.

TMC the metals (NASDAQ:TMC) last announced its quarterly 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). Research analysts expect that TMC the metals company Inc. will post -0.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Arizona State Retirement System grew its stake in TMC the metals by 5.2% in the second quarter. Arizona State Retirement System now owns 59,765 shares of the company’s stock valued at $265,000 after purchasing an additional 2,977 shares in the last quarter. Tidal Investments LLC lifted its holdings in TMC the metals by 39.0% during the 2nd quarter. Tidal Investments LLC now owns 17,560 shares of the company’s stock valued at $78,000 after purchasing an additional 4,928 shares during the last quarter. Amundi boosted its position in TMC the metals by 13.3% during the first quarter. Amundi now owns 44,186 shares of the company’s stock worth $206,000 after purchasing an additional 5,202 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in TMC the metals in the 4th quarter valued at about $33,000. Finally, Money Concepts Capital Corp grew its position in shares of TMC the metals by 58.0% in the first quarter. Money Concepts Capital Corp now owns 17,377 shares of the company’s stock valued at $81,000 after purchasing an additional 6,377 shares during the last quarter. 4.39% of the stock is owned by institutional investors and hedge funds.

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.