Why The Metal Company's Stock Is Heading Higher Today
Rebounding from yesterday's decline, shares of The Metals Company (NASDAQ: TMC) are soaring this morning. While the company hasn't reported any news to stoke investors' enthusiasm, it seems that the short-lived sell-off yesterday couldn't extend its momentum into today's trading session. Between an analyst's bullish take on the stock earlier this week and newly proposed legislation, investors seem eager to add this deep sea mining stock to their portfolios.
As of 11:51 a.m. ET, shares of The Metals Company are up 12.1%.
Earlier this week, Ashok Kumar, an analyst at ThinkEquity, initiated coverage on shares of The Metals Company. Assigning a buy rating on the stock, Kumar set a $6 price target. Based on the stock's closing price of $2.41 the day before news that ThinkEquity had commenced coverage on The Metals Company, the $6 price target implied an upside of 148%. With shares sinking on Thursday, the bullish outlook on the stock seems even more compelling to growth investors today.
Source Fool.com
