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TMC the metals

TMC · NASDAQ

$2.43−$0.04 (−1.62%)TodayMarket closed ·
Prev close $2.47

TMC analyst rating

BuyConsensus of 5 analysts over the last 12 months. 100% rate it a buy.
  • Strong buy0
  • Buy5
  • Hold0
  • Underperform0
  • Sell0

12-month price target · 9 analysts

Average $11.22 (+361.7% upside)

Low
$10.10
Now
$2.43
High
$12.86

Upgrades and downgrades

The latest rating actions, newest first

TMC analyst upgrades, downgrades and rating actions
FirmDateActionRating
Maxim GroupJun 4, 2026InitiatesBuy
HC Wainwright & Co.Jun 2, 2026MaintainsBuy
WedbushMay 4, 2026MaintainsOutperform
WedbushApr 20, 2026MaintainsOutperform
WedbushMar 31, 2026MaintainsOutperform
HC Wainwright & Co.Jan 23, 2026MaintainsBuy
WedbushJan 22, 2026MaintainsOutperform
HC Wainwright & Co.Nov 14, 2025MaintainsBuy

The case for and against

Updated Oct 22, 2026

Bull case

TMC The Metals Co is viewed favorably because its consolidated U.S. application has advanced through NOAA’s full-compliance and certification stages, supported by a faster-than-expected regulatory review and a clearer path to final licensing. The bullish case is reinforced by a vast resource base in the CCZ, including roughly 1.02B tonnes of polymetallic nodules across the USA B area, plus over a decade of environmental, offshore test mining, and engineering data that compresses the permitting process. Financially, the company has $119.7M in cash, no debt, and is being valued with a DCF framework that reflects permitting support, a 12.0% discount rate, and an estimated commercial start date of 2037.

Bear case

TMC The Metals Co is burdened by persistent funding risk because it still needs substantial capital to advance the NORI-D project through permitting and toward commercial production, while any deterioration in macroeconomic conditions could weaken critical mineral pricing and the economics of its offtake agreements. Its outlook is further constrained by geopolitical and regulatory uncertainty, including the ISA track, potential shifts in US seabed mining policy, and permitting risk under the DSHMRA framework, where NOAA approval timing and scope remain uncertain. In addition, execution risk at the Brownsville processing hub and NORI-D, along with competition from land-based nickel, cobalt, and manganese supply and alternative battery chemistries, threatens the company’s ability to meet management guidance.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.