TMC the metals (NASDAQ:TMC) Trading 8.4% Higher – Time to Buy?

TMC the metals company Inc. (NASDAQ:TMC)’s share price shot up 8.4% during mid-day trading on Friday . The company traded as high as $7.44 and last traded at $7.5040. 2,323,039 shares traded hands during trading, a decline of 73% from the average session volume of 8,748,121 shares. The stock had previously closed at $6.92.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on TMC shares. Zacks Research raised TMC the metals from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 13th. HC Wainwright lifted their target price on shares of TMC the metals from $7.25 to $7.50 and gave the stock a “buy” rating in a research report on Friday, November 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of TMC the metals in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, TMC the metals has an average rating of “Hold” and an average target price of $7.42.

TMC the metals Stock Performance

The company has a market cap of $3.22 billion, a PE ratio of -10.11 and a beta of 1.82. The company has a 50 day simple moving average of $6.85 and a two-hundred day simple moving average of $6.32.

TMC the metals (NASDAQ:TMC) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.08). As a group, analysts expect that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Erika Ilves sold 1,591,485 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $5.77, for a total transaction of $9,182,868.45. Following the completion of the sale, the insider directly owned 1,145,792 shares in the company, valued at approximately $6,611,219.84. This trade represents a 58.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anthony O’sullivan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $6.77, for a total value of $338,500.00. Following the completion of the transaction, the insider owned 2,025,667 shares in the company, valued at $13,713,765.59. This trade represents a 2.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,691,485 shares of company stock valued at $9,846,868 in the last three months. Company insiders own 27.60% of the company’s stock.

Institutional Investors Weigh In On TMC the metals

A number of hedge funds and other institutional investors have recently made changes to their positions in TMC. Sprott Inc. bought a new stake in shares of TMC the metals in the 1st quarter valued at approximately $26,000. NewEdge Advisors LLC bought a new stake in TMC the metals in the second quarter worth approximately $28,000. Wolverine Asset Management LLC grew its position in TMC the metals by 752.6% in the second quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company’s stock worth $33,000 after acquiring an additional 4,365 shares in the last quarter. Sunbelt Securities Inc. acquired a new position in shares of TMC the metals during the 3rd quarter worth $34,000. Finally, KBC Group NV bought a new position in shares of TMC the metals during the 2nd quarter valued at $37,000. 4.39% of the stock is owned by hedge funds and other institutional investors.

About TMC the metals

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. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications.