Baird Financial Group Inc. Acquires 766,167 Shares of TMC the metals company Inc. $TMC

Key Points

• Baird Financial Group Inc. increased its holdings in TMC the metals company by 35.1%, acquiring an additional 766,167 shares, bringing their total ownership to approximately $5.07 million.
• Several institutional investors have also boosted their stakes in TMC, with First Manhattan CO. LLC. increasing its holdings by 115.2%, now owning nearly 18.7 million shares worth around $21 million.
• TMC the metals has received upgraded analyst ratings recently, with Wedbush raising its price objective from $6.00 to $11.00, resulting in a consensus rating of "Moderate Buy" and an average target price of $7.33.

Baird Financial Group Inc. increased its stake in TMC the metals company Inc. (NASDAQ:TMC - Free Report) by 35.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,946,027 shares of the company's stock after acquiring an additional 766,167 shares during the period. Baird Financial Group Inc. owned about 0.85% of TMC the metals worth $5,067,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in TMC the metals in the fourth quarter valued at $28,000. Jane Street Group LLC raised its holdings in TMC the metals by 7,330.9% in the fourth quarter. Jane Street Group LLC now owns 1,345,812 shares of the company's stock worth $1,507,000 after buying an additional 1,364,424 shares during the last quarter. First Manhattan CO. LLC. lifted its position in TMC the metals by 115.2% in the 4th quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock valued at $20,974,000 after acquiring an additional 10,025,000 shares in the last quarter. Shay Capital LLC lifted its holdings in shares of TMC the metals by 965.6% during the fourth quarter. Shay Capital LLC now owns 932,404 shares of the company's stock valued at $1,044,000 after purchasing an additional 844,904 shares in the last quarter. Finally, Tidal Investments LLC raised its position in TMC the metals by 11.9% in the 4th quarter. Tidal Investments LLC now owns 542,938 shares of the company's stock worth $608,000 after buying an additional 57,606 shares during the last quarter. Hedge funds and other institutional investors own 4.39% of the company's stock.

Insiders Place Their Bets

In other TMC the metals news, insider Anthony O'sullivan sold 250,000 shares of the company's stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $5.25, for a total transaction of $1,312,500.00. Following the sale, the insider directly owned 1,125,667 shares in the company, valued at $5,909,751.75. This represents a 18.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Brendan May sold 44,204 shares of the stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $7.38, for a total value of $326,225.52. Following the sale, the director owned 197,586 shares in the company, valued at $1,458,184.68. The trade was a 18.28% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 504,314 shares of company stock worth $3,146,155. 27.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TMC. Wedbush upgraded shares of TMC the metals from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $6.00 to $11.00 in a research report on Wednesday, June 25th. HC Wainwright reiterated a "buy" rating and set a $7.25 target price on shares of TMC the metals in a research note on Monday, August 18th. Finally, Zacks Research upgraded TMC the metals from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 19th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $7.33.

TMC the metals Stock Down 1.5%

TMC traded down $0.08 during trading on Wednesday, hitting $5.12. The company's stock had a trading volume of 4,146,380 shares, compared to its average volume of 8,356,643. The business's 50 day simple moving average is $6.03 and its 200-day simple moving average is $4.25. The firm has a market cap of $2.08 billion, a PE ratio of -13.84 and a beta of 1.64. TMC the metals company Inc. has a one year low of $0.72 and a one year high of $8.63.

TMC the metals (NASDAQ:TMC - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.01). Equities research analysts expect that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

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.