TMC the metals company Inc. $TMC Shares Acquired by Abacus Wealth Partners LLC

Key Points

• Abacus Wealth Partners LLC increased its holdings in TMC the metals company Inc. by 187.5% during Q2, now owning 92,000 shares valued at $607,000.
• Insider Anthony O'sullivan sold 250,000 shares of TMC stock for $1,312,500, reducing his ownership by 18.17%, while director Brendan May made a similar sale, indicating significant insider activity.
• Analysts have upgraded TMC from a "neutral" to an "outperform" rating, with Wedbush setting a new target price of $11.00, reflecting positive market sentiment toward the company.

Abacus Wealth Partners LLC grew its position in TMC the metals company Inc. (NASDAQ:TMC - Free Report) by 187.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 92,000 shares of the company's stock after purchasing an additional 60,000 shares during the period. Abacus Wealth Partners LLC's holdings in TMC the metals were worth $607,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sowell Financial Services LLC grew its holdings in TMC the metals by 37.4% during the second quarter. Sowell Financial Services LLC now owns 16,604 shares of the company's stock worth $110,000 after acquiring an additional 4,517 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in TMC the metals by 10.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 47,163 shares of the company's stock worth $335,000 after acquiring an additional 4,482 shares during the period. Mirador Capital Partners LP acquired a new stake in TMC the metals during the second quarter worth about $731,000. Goldman Sachs Group Inc. acquired a new stake in TMC the metals during the first quarter worth about $211,000. Finally, Baird Financial Group Inc. grew its holdings in TMC the metals by 35.1% during the first quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company's stock worth $5,067,000 after acquiring an additional 766,167 shares during the period. 4.39% of the stock is owned by institutional investors and hedge funds.

Insider Activity at TMC the metals

In other news, insider Anthony O'sullivan sold 250,000 shares of the firm'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 value of $1,312,500.00. Following the transaction, the insider owned 1,125,667 shares in the company, valued at $5,909,751.75. This trade represents a 18.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Brendan May sold 44,204 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the director owned 197,586 shares in the company, valued at approximately $1,458,184.68. This trade represents a 18.28% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 319,204 shares of company stock worth $1,833,726. Company insiders own 27.60% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on TMC. 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 report on Wednesday, June 25th. Zacks Research upgraded TMC the metals from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 19th. Finally, HC Wainwright reiterated 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 research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, TMC the metals presently has a consensus rating of "Moderate Buy" and an average target price of $7.33.

TMC the metals Price Performance

NASDAQ TMC opened at $5.79 on Friday. The company has a market cap of $2.35 billion, a PE ratio of -15.65 and a beta of 1.64. The stock's 50 day simple moving average is $5.86 and its 200-day simple moving average is $4.44. TMC the metals company Inc. has a 1-year low of $0.72 and a 1-year high of $8.63.

TMC the metals (NASDAQ:TMC - Get Free Report) last released its earnings results 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). On average, equities research analysts anticipate that TMC the metals company Inc. will post -0.22 EPS for the current fiscal 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.

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