TMC the metals (NASDAQ:TMC) Price Target Cut to $8.00 by Analysts at Wedbush
by Danessa Lincoln · The Markets DailyTMC the metals (NASDAQ:TMC – Get Free Report) had its price objective lowered by research analysts at Wedbush from $11.00 to $8.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s target price suggests a potential upside of 93.00% from the company’s current price.
A number of other brokerages have also recently issued reports on TMC. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a report on Wednesday, January 21st. HC Wainwright upped their price objective on shares of TMC the metals from $7.50 to $11.75 and gave the stock a “buy” rating in a report on Friday, January 23rd. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, TMC the metals has a consensus rating of “Hold” and a consensus target price of $9.88.
Check Out Our Latest Analysis on TMC the metals
TMC the metals Stock Performance
TMC the metals stock traded up $0.05 during mid-day trading on Tuesday, reaching $4.15. The stock had a trading volume of 1,301,178 shares, compared to its average volume of 7,954,774. The firm has a market capitalization of $1.71 billion, a PE ratio of -5.21 and a beta of 1.87. TMC the metals has a fifty-two week low of $1.57 and a fifty-two week high of $11.35. The stock’s 50-day simple moving average is $6.29 and its 200-day simple moving average is $6.68.
Institutional Trading of TMC the metals
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TMC. NewEdge Advisors LLC purchased a new stake in shares of TMC the metals in the second quarter worth approximately $28,000. Osterweis Capital Management Inc. purchased a new position in shares of TMC the metals during the fourth quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of TMC the metals during the fourth quarter valued at approximately $29,000. Sunbelt Securities Inc. bought a new stake in TMC the metals during the third quarter worth $34,000. Finally, Farther Finance Advisors LLC grew its holdings in TMC the metals by 465.8% during the fourth quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company’s stock worth $35,000 after buying an additional 4,681 shares in the last quarter. 4.39% of the stock is owned by institutional investors.
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.