TMC the metals (NASDAQ:TMC) Trading 24.1% Higher – Time to Buy?

TMC the metals company Inc. (NASDAQ:TMC) traded up 24.1% during trading on Thursday . The company traded as high as $7.30 and last traded at $6.75. 46,971,837 shares were traded during mid-day trading, an increase of 1,118% from the average session volume of 3,855,062 shares. The stock had previously closed at $5.44.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Wedbush restated a “neutral” rating and issued a $6.00 price objective on shares of TMC the metals in a research note on Friday, May 16th. HC Wainwright assumed coverage on shares of TMC the metals in a research note on Tuesday, May 20th. They issued a “buy” rating and a $5.50 price objective on the stock.

TMC the metals Stock Down 2.8%

The firm has a market cap of $2.38 billion, a PE ratio of -28.52 and a beta of 1.46. The company’s fifty day moving average price is $3.89 and its two-hundred day moving average price is $2.33.

TMC the metals (NASDAQ:TMC) last issued its earnings results on Wednesday, May 14th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). As a group, analysts predict that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Activity

In related news, insider Anthony O’sullivan sold 164,317 shares of the business’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total transaction of $737,783.33. Following the sale, the insider now owns 1,125,667 shares of the company’s stock, valued at approximately $5,054,244.83. The trade was a 12.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Craig Shesky sold 353,702 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $1.66, for a total transaction of $587,145.32. Following the sale, the chief financial officer now directly owns 1,145,717 shares in the company, valued at approximately $1,901,890.22. This represents a 23.59% decrease in their position. The disclosure for this sale can be found here. Insiders own 28.50% of the company’s stock.

Institutional Trading of TMC the metals

A number of institutional investors have recently added to or reduced their stakes in TMC. Oppenheimer & Co. Inc. purchased a new stake in TMC the metals during the fourth quarter worth about $28,000. SBI Securities Co. Ltd. purchased a new stake in shares of TMC the metals in the fourth quarter valued at about $94,000. Raymond James Financial Inc. purchased a new stake in shares of TMC the metals in the fourth quarter valued at about $28,000. Independent Advisor Alliance purchased a new stake in shares of TMC the metals in the fourth quarter valued at about $42,000. Finally, Gray Wealth Management Inc. lifted its holdings in shares of TMC the metals by 59.7% in the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company’s stock valued at $27,000 after purchasing an additional 8,863 shares in the last quarter. Hedge funds and other institutional investors own 4.39% of the company’s stock.

TMC the metals Company Profile

TMC the metals company Inc, a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean.