In the past week, the selloff in The Metals Company Inc (NASDAQ:TMC) stock has intensified and it continued yesterday as the stock tanked by another 7% amidst a selloff. In this regard, it is perhaps also necessary to point out that the decline in The Metals Company stock on Thursday took the decline over the course of the past week to as much as 33%.
Trading Data
On Thursday, TMC stock fell 6.86% to $1.90 with more than 5.93 million shares traded, compared to its average volume of 4.24 million shares. The stock moved within a range of $1.8800 – 2.0900 after opening trading at $2.08.
Earnings Recap
The company had come into the news cycle yesterday after it announced its financial results for the fourth fiscal quarter and the full year, both of which ended on December 31, 2021.
It is quite clear that the investors did not quite care for the numbers and that was reflected in the price action in The Metals Company stock. The company announced that it ended the year with a cash balance of as much as $84.9 million and it was also noted that the cash was going to give The Metals Company a runway up until the Q3 2023. On the other hand, the company suffered from a net loss of $19.8 million for the quarter that had ended on December 31, 2021 and that worked out to a loss per share of $0.09.
Key Quote
Gerard Barron, TMC Chairman and CEO, commented: “Following the events of the last month, the world is now acutely aware of the fragility of the nickel market that is dominated by Russian and Chinese-funded supply. Russia currently represents 20% of Class 1 nickel supply and China controls most of future nickel production growth through investments in Indonesian rainforest nickel.”
Technical Data
TMC stock is trading below the 20-Day and 200-Day Moving averages of $2.19 and $5.28 respectively. However, the stock is trading above the 50-Day moving average of $1.76.
