Stock Traders Buy High Volume of TMC the metals Call Options (NASDAQ:TMC)

TMC the metals company Inc. (NASDAQ:TMC) was the target of some unusual options trading activity on Wednesday. Investors purchased 26,835 call options on the company. This is an increase of 62% compared to the average daily volume of 16,591 call options.

TMC the metals Trading Down 4.7%

Shares of NASDAQ TMC opened at $4.04 on Wednesday. TMC the metals has a 12-month low of $3.87 and a 12-month high of $11.35. The firm’s 50-day moving average price is $5.21 and its 200-day moving average price is $5.86. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of -5.11 and a beta of 2.03.

TMC the metals (NASDAQ:TMC) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. On average, equities analysts predict that TMC the metals will post -0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

TMC has been the subject of several research reports. HC Wainwright restated a “buy” rating and set a $11.75 price objective on shares of TMC the metals in a research report on Tuesday, June 2nd. Maxim Group initiated coverage on TMC the metals in a report on Thursday, June 4th. They set a “buy” rating and a $10.00 price target for the company. Wedbush lifted their price objective on TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Monday, May 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a report on Monday, April 20th. Finally, Wall Street Zen raised shares of TMC the metals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, TMC the metals presently has an average rating of “Hold” and a consensus price target of $10.58.

Insider Activity

In other news, Director Brendan May sold 20,768 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $6.42, for a total value of $133,330.56. Following the transaction, the director owned 193,346 shares of the company’s stock, valued at approximately $1,241,281.32. The trade was a 9.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is currently owned by insiders.

Institutional Trading of TMC the metals

A number of institutional investors have recently bought and sold shares of the stock. Encompass Capital Advisors LLC bought a new position in TMC the metals during the fourth quarter valued at $18,510,000. State Street Corp lifted its holdings in shares of TMC the metals by 2.4% in the 4th quarter. State Street Corp now owns 986,160 shares of the company’s stock worth $6,085,000 after acquiring an additional 23,095 shares during the last quarter. Verition Fund Management LLC boosted its stake in shares of TMC the metals by 120.1% during the 4th quarter. Verition Fund Management LLC now owns 817,364 shares of the company’s stock worth $5,043,000 after purchasing an additional 445,985 shares during the period. Renaissance Technologies LLC purchased a new position in shares of TMC the metals during the 1st quarter worth about $3,409,000. Finally, Tudor Investment Corp ET AL grew its holdings in TMC the metals by 57.8% during the 4th quarter. Tudor Investment Corp ET AL now owns 698,185 shares of the company’s stock valued at $4,308,000 after purchasing an additional 255,766 shares during the last quarter. 4.39% of the stock is currently owned by institutional investors.

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. 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.