On March 10, shares of TMC The Metals Company Inc. (TMC) continued to rise in the after hours. The stock has been bullish this week as Nickel prices reached an all-time high.
During the regular trading session, the stock fluctuated between a high of $2.47 and a low of $2.11. TMC closed the session with a nice gain of 17.16%, at $2.39 per share. The volume of the share traded in the session remained well above the average at 14.89 million. TMC continued to rise in the following after-hours session to add a further 15.06%. Hence, the stock had a price of $2.75 per share in the after-hours on Thursday while 1.24 million shares exchanged hands.
Founded in 2021, TMC The Metals Company Inc. produces metals from polymetallic rocks for powering electric vehicles. The Canada-based company has a market capitalization of 4459.53 million. Currently, the company has 225.26 million shares outstanding in the market.
TMC’s Movement and Reasons
According to the company’s estimates, its portfolio of assets represents the largest undeveloped nickel project worldwide. Nickel, an important material in electric vehicle batteries reached its all-time-high price this week. While the surge in Nickel price was reason enough for Nickel and EV battery stocks to soar high, many other background developments also have a role to play. More and more governors are focusing on the need for electric vehicles and alternative battery infrastructure. Furthermore, the EV industry follower Electrek reported that Tesla is raising prices of its select EVs, particularly ones that have nickel in their batteries. While there is no official word on the relation of the price of the EVs to the nickel price surge, they definitely seem related. Thus, as a subsequent result, TMC has been bullish throughout this week. In the past five days, the stock has increased by a huge 70.71% while adding 14.90% year to date.
Recent Developments
On February 28, the company commended Western political and military leaders for their increasing interest and acknowledgment of seafloor polymetallic nodules’ potential. The commendation came after several retired generals and officers wrote a letter to the U.S. DoD for the responsible development of polymetallic nodules resource in the Clarion-Clipperton Zone (CCZ).
On February 10, TMC announced the appointment of Kathleen McAllister as an independent director to its board. She will also assume the role of the company’s Audit Committee Chair, by April 1, 2022.
