Old West Investment Management LLC Increases Stake in TMC the metals company Inc. $TMC

Key Points

• Old West Investment Management LLC doubled its stake in TMC the metals company, owning 4,270,076 shares, which represents about 2.6% of its portfolio, valued at roughly $7.35 million.
• Shares of TMC the metals opened at $4.86, experiencing a slight decrease of 1.8%. The company holds a market cap of $1.98 billion and has seen significant fluctuations with a fifty-two week range from $0.72 to $8.63.
• Analysts have provided varying ratings, with Wedbush upgrading TMC from "neutral" to "outperform" and setting a new price target of $11.00, while there's a consensus target price of $7.33 among analysts.

Old West Investment Management LLC raised its position in shares of TMC the metals company Inc. (NASDAQ:TMC - Free Report) by 100.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,270,076 shares of the company's stock after acquiring an additional 2,135,038 shares during the period. TMC the metals makes up about 2.6% of Old West Investment Management LLC's investment portfolio, making the stock its 16th largest position. Old West Investment Management LLC owned 1.23% of TMC the metals worth $7,345,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of TMC. First Manhattan CO. LLC. increased its position in TMC the metals by 115.2% during the fourth 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 during the last quarter. Jane Street Group LLC boosted its stake in shares of TMC the metals by 7,330.9% during the fourth 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 period. Shay Capital LLC boosted its stake 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 during the period. XTX Topco Ltd boosted its stake in shares of TMC the metals by 193.5% during the first quarter. XTX Topco Ltd now owns 170,004 shares of the company's stock valued at $292,000 after purchasing an additional 112,075 shares during the period. Finally, Tidal Investments LLC boosted its stake in shares of TMC the metals by 11.9% during the fourth 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 period. Institutional investors own 4.39% of the company's stock.

Insider Buying and Selling

In related news, insider Anthony O'sullivan sold 250,000 shares of TMC the metals 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 sale, the insider owned 1,125,667 shares of the company's stock, valued at approximately $5,909,751.75. This trade represents a 18.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brendan May sold 44,204 shares of TMC the metals stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $7.38, for a total transaction of $326,225.52. Following the completion of the sale, the director directly owned 197,586 shares in the company, valued at $1,458,184.68. This represents a 18.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 554,314 shares of company stock worth $3,356,155 in the last ninety days. Corporate insiders own 27.60% of the company's stock.

Analyst Upgrades and Downgrades

TMC has been the subject of a number of recent analyst reports. Zacks Research raised shares of TMC the metals from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 19th. Wedbush raised shares of TMC the metals from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $6.00 to $11.00 in a research note on Wednesday, June 25th. Finally, HC Wainwright reissued a "buy" rating and set a $7.25 price target on shares of TMC the metals in a research report on Monday, August 18th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $7.33.

TMC the metals Price Performance

NASDAQ:TMC traded up $0.10 during midday trading on Friday, hitting $5.36. The company's stock had a trading volume of 11,230,801 shares, compared to its average volume of 10,472,297. The firm has a market cap of $2.18 billion, a P/E ratio of -14.49 and a beta of 1.59. TMC the metals company Inc. has a fifty-two week low of $0.72 and a fifty-two week high of $8.63. The firm's 50 day moving average is $6.25 and its 200-day moving average is $4.08.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.07) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.01). As a group, analysts forecast that TMC the metals company Inc. will post -0.22 EPS for the current year.

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.