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

Shares of TMC the metals company Inc. (NASDAQ:TMC) shot up 12.6% on Tuesday . The company traded as high as $4.63 and last traded at $4.6150. 5,513,848 shares changed hands during 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

TMC has been the subject of a number of recent research reports. Wedbush reduced their target price on shares of TMC the metals from $11.00 to $8.00 and set an “outperform” rating for the company in a report on Tuesday. HC Wainwright upped their price target on shares of TMC the metals from $7.50 to $11.75 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Finally, Weiss Ratings reissued 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 given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $9.88.

TMC the metals Trading Down 3.4%

The company has a 50 day simple moving average of $6.16 and a two-hundred day simple moving average of $6.66. The firm has a market capitalization of $1.86 billion, a P/E ratio of -5.64 and a beta of 2.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TMC. Encompass Capital Advisors LLC bought a new stake in TMC the metals in the fourth quarter worth $18,510,000. Jump Financial LLC purchased a new position in shares of TMC the metals in the 2nd quarter worth $6,216,000. UBS Group AG grew its stake in shares of TMC the metals by 869.6% in the 3rd quarter. UBS Group AG now owns 630,757 shares of the company’s stock worth $4,018,000 after buying an additional 712,717 shares in the last quarter. Old West Investment Management LLC increased its holdings in shares of TMC the metals by 49.6% in the 3rd 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. Finally, Goldman Sachs Group Inc. raised its position in shares of TMC the metals by 234.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 678,540 shares of the company’s stock valued at $4,187,000 after buying an additional 475,464 shares in the last quarter. 4.39% of the stock is currently owned by institutional investors.

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.