TMC the metals (NASDAQ:TMC) Trading 7.9% Higher – What’s Next?

TMC the metals company Inc. (NASDAQ:TMC)’s stock price was up 7.9% during trading on Wednesday . The company traded as high as $5.13 and last traded at $5.0950. Approximately 1,638,628 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 7,511,675 shares. The stock had previously closed at $4.72.

Analyst Upgrades and Downgrades

TMC has been the topic of a number of analyst reports. Wedbush reduced their price objective on shares of TMC the metals from $11.00 to $8.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 31st. 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. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a research note on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $9.88.

TMC the metals Trading Up 0.8%

The stock’s 50-day moving average is $5.55 and its 200-day moving average is $6.56. The company has a market cap of $2.24 billion, a price-to-earnings ratio of -6.45 and a beta of 2.00.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Encompass Capital Advisors LLC acquired a new position in shares of TMC the metals during the 4th quarter valued at $18,510,000. Old West Investment Management LLC raised 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 worth $12,722,000 after buying an additional 662,200 shares during the last quarter. State Street Corp raised 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 worth $6,085,000 after buying an additional 23,095 shares during the last quarter. Verition Fund Management LLC raised its holdings in TMC the metals by 120.1% during the fourth quarter. Verition Fund Management LLC now owns 817,364 shares of the company’s stock worth $5,043,000 after buying an additional 445,985 shares during the last quarter. Finally, Tudor Investment Corp ET AL raised its holdings in TMC the metals by 57.8% during the fourth quarter. Tudor Investment Corp ET AL now owns 698,185 shares of the company’s stock worth $4,308,000 after buying an additional 255,766 shares during the last quarter. Institutional investors and hedge funds own 4.39% of the company’s stock.

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.