Magnetar Financial LLC Purchases New Holdings in TMC the metals company Inc. $TMC

Key Points

• Magnetar Financial LLC has acquired a new stake in TMC the metals company, purchasing 50,260 shares valued at approximately $86,000.
• Following recent transactions, insider ownership has decreased significantly, with one insider selling 250,000 shares for $1.31 million.
• Analysts have varying ratings for TMC, with Wedbush raising its rating to "outperform" and increasing the price target from $6.00 to $11.00.

Magnetar Financial LLC bought a new stake in TMC the metals company Inc. (NASDAQ:TMC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 50,260 shares of the company's stock, valued at approximately $86,000.

Other large investors have also recently bought and sold shares of the company. First Manhattan CO. LLC. raised its stake in shares of TMC the metals by 115.2% during the 4th quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock worth $20,974,000 after buying an additional 10,025,000 shares during the period. Old West Investment Management LLC raised its stake in TMC the metals by 100.0% in the 1st quarter. Old West Investment Management LLC now owns 4,270,076 shares of the company's stock valued at $7,345,000 after purchasing an additional 2,135,038 shares during the last quarter. Jane Street Group LLC raised its stake in TMC the metals by 7,330.9% in the 4th quarter. Jane Street Group LLC now owns 1,345,812 shares of the company's stock valued at $1,507,000 after purchasing an additional 1,364,424 shares during the last quarter. Shay Capital LLC raised its stake in TMC the metals by 965.6% in the 4th 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 during the last quarter. Finally, Tidal Investments LLC raised its stake in TMC the metals by 11.9% in the 4th quarter. Tidal Investments LLC now owns 542,938 shares of the company's stock valued at $608,000 after purchasing an additional 57,606 shares during the last quarter. Hedge funds and other institutional investors own 4.39% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. HC Wainwright reissued a "buy" rating and issued a $7.25 price objective on shares of TMC the metals in a research note on Monday, August 18th. Zacks Research raised TMC the metals from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 19th. Finally, Wedbush raised TMC the metals from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $6.00 to $11.00 in a research note on Wednesday, June 25th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $7.33.

Insiders Place Their Bets

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

TMC the metals Trading Down 0.9%

TMC the metals stock traded down $0.05 during midday trading on Tuesday, reaching $5.18. 2,223,696 shares of the stock traded hands, compared to its average volume of 8,408,955. The company has a 50-day simple moving average of $6.07 and a two-hundred day simple moving average of $4.23. TMC the metals company Inc. has a 12-month low of $0.72 and a 12-month high of $8.63. The firm has a market cap of $2.10 billion, a PE ratio of -13.98 and a beta of 1.64.

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 the consensus estimate of ($0.06) by ($0.01). Equities research analysts anticipate that TMC the metals company Inc. will post -0.22 earnings per share for the current 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.