Old West Investment Management LLC Raises Holdings 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 increased its position in TMC the metals company Inc. (NASDAQ:TMC - Free Report) by 100.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,270,076 shares of the company's stock after buying an additional 2,135,038 shares during the quarter. TMC the metals comprises about 2.6% of Old West Investment Management LLC's investment portfolio, making the stock its 16th biggest 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.

Several other large investors have also recently added to or reduced their stakes in TMC. Raymond James Financial Inc. acquired a new stake in TMC the metals in the 4th quarter valued at $28,000. XTX Topco Ltd acquired a new stake in TMC the metals in the 4th quarter valued at $65,000. Jane Street Group LLC increased its holdings 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 in the last quarter. First Manhattan CO. LLC. increased its holdings 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 purchasing an additional 10,025,000 shares in the last quarter. Finally, Shay Capital LLC increased its holdings 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 in the last quarter. 4.39% of the stock is currently owned by institutional investors and hedge funds.

TMC the metals Stock Down 1.8%

Shares of TMC the metals stock opened at $4.86 on Monday. The firm has a market cap of $1.98 billion, a P/E ratio of -13.13 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 business has a 50-day moving average price of $6.35 and a 200 day moving average price of $3.97.

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 for the quarter, missing the consensus estimate of ($0.06) by ($0.01). As a group, equities research analysts anticipate that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on TMC shares. Wedbush upgraded TMC the metals from a "neutral" rating to an "outperform" rating and increased their price target for the company from $6.00 to $11.00 in a report on Wednesday, June 25th. HC Wainwright restated 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 research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, TMC the metals has an average rating of "Moderate Buy" and a consensus target price 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 stock was sold at an average price of $7.38, for a total value of $326,225.52. Following the completion of the sale, the director directly owned 197,586 shares of the company's stock, valued at $1,458,184.68. The trade was a 18.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 27.60% of the stock is currently owned by corporate insiders.

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.

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