Why Shares of The Metals Company Are Soaring Today
After flying higher on Tuesday, shares of TMC the metals company (NASDAQ: TMC) hit a bump in the road yesterday and gave back some of their earlier gains. Today, however, investors are choosing to click the buy button again on the mining company that has its sights set on the sea floor. Besides soaring nickel prices, Tesla's (NASDAQ: TSLA) decision to raise prices may also be motivating metals-minded investors.
As of 10:55 a.m. ET on Thursday, shares of TMC were up 12.3%.
With the price of nickel spiking to an all-time high this week, companies that have nickel-rich assets are receiving attention from investors. TMC, for example, estimates that its portfolio of assets represents the largest undeveloped nickel project in the world: about 16 metric tons. For context, the company identifies the next-largest undeveloped nickel project at 5.8 metric tons.
Source Fool.com
