TMC the metals company (TMC) Drops 9.7% After 4-Day Run, Here’s Why

TMC +12.65% HG=F -0.86% DX-Y.NYB +0.03%

We recently published 10 Stocks Already Hurting in December. TMC the metals company Inc. (NASDAQ:TMC) is one of the top performers on Monday.

TMC the metals company finished 9.70 percent lower on Monday at $6.28 apiece as investors resorted to profit-taking following four straight days of rally.

The recent boost was driven by copper hitting a new record high amid tighter supply and a weaker US dollar.

TMC the metals company Inc. (NASDAQ:TMC) is a Canada-based deep-sea mining exploration company focusing on nickel, copper, cobalt, and manganese nodules in the Clarion Clipperton Zone.

Photo by Shane Cottle on Unsplash

Despite being a Canadian firm, TMC the metals company Inc. (NASDAQ:TMC)—through its US subsidiary—submitted its interest with the US government earlier this year to engage in deep-sea mining in the international seabed.

In recent news, the company reported a dismal earnings performance in the third quarter of the year, having widened its net loss and comprehensive loss by 800 percent to $189.39 million from $20.5 million in the same period last year.

Operating loss expanded by 177 percent to $55.36 million from $19.96 million year-on-year, dragged by non-cash and non-recurring items, including share-based compensation impacted by one-time grants, fair value changes in the royalty and warrant liabilities, and the recognition of warrant costs associated with updated sponsorship agreements.

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Disclosure: None. This article is originally published at Insider Monkey.