TMC - After Soaring Nearly 250% In 2023 Is The Metals Company Stock a Buy?
2023-07-14 17:02:00 ET
It's not often that mining stocks provide triple-digit returns in a single calendar year. But that's exactly the case -- so far at least -- with The Metals Company (NASDAQ: TMC) , an innovative mining company that aspires to produce battery metals from polymetallic nodules located on the seafloor. The Metals Company has seen its stock skyrocket more than 240% from the start of the year through this writing.
After this impressive performance, metals-minded investors may be wondering what's behind the stock's rise and if it's too late to add The Metals Company to their portfolios. Both are valid questions, so let's look at the stock's recent climb and whether it's a good time to buy.
For a speculative stock like The Metals Company, investors want to see that company insiders are willing to put their money where their mouths are. That's exactly what they found in early June, when a member of the board of directors bought $3 million in stock on the open market. Shares closed 12% higher on the day that the trade was reported.
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After Soaring Nearly 250% In 2023, Is The Metals Company Stock a Buy?