The past few days have been considerably tough for investors in The Metals Company (NASDAQ:TMC) as the stock has continued to decline and it was the same story on Tuesday as the stock went down by another 10%. The decline in the stock price took the total decline over the course of the past week to as much as 18%.
Trading Data
On Tuesday, TMC stock fell 9.50% to $2.19 with more than 5.76 million shares traded, compared to its average volume of 4.08 million shares. The stock moved within a range of $2.1300 – 2.4200 after opening trading at $2.40.
The Metals Company and Allseas Announce Successful Completion of Harbor Wet-Test Commissioning of Robotic Polymetallic Nodule Collector Vehicle
The company, which is currently exploring the biggest undeveloped source of critical battery metals in the world, was in the news yesterday after it made a key announcement. The Metals Company announced that it had been successful in deploying and then wet test commissioning of a pilot robotic nodule collector vehicle.
The whole thing was accomplished The Metals Company in collaboration with Allseas Group SA, its partner and shareholders. The latest announcement was a significant one for the company and could eventually lead to a considerable boost for its overall business.
However, the announcement did not inspire much confidence from investors and the stock suffered from a selloff nonetheless. At this point in time, it is going to be interesting to see if the stock can actually make any kind of recovery through the rest of the week.
Key Quote
“This is an important milestone and I am grateful to have such a competent and capable partner in Allseas to get us this far,” said Gerard Barron, CEO & Chairman of The Metals Company.
Technical Data
TMC stock is below the 20-Day and 50-Day Moving averages of $2.24 and $5.36 respectively. However, the stock is trading above the 200-Day moving average of $1.75.
