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 increased its holdings in TMC the metals company Inc. (NASDAQ:TMC - Free Report) by 187.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Allworth Financial LP grew its position in shares of TMC the metals by 48.0% in the first quarter. Allworth Financial LP now owns 14,796 shares of the company's stock valued at $25,000 after purchasing an additional 4,796 shares during the period. Sprott Inc. purchased a new stake in shares of TMC the metals in the first quarter valued at $26,000. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of TMC the metals in the first quarter valued at $44,000. Concurrent Investment Advisors LLC purchased a new stake in shares of TMC the metals in the first quarter valued at $58,000. Finally, Parallel Advisors LLC acquired a new position in TMC the metals in the first quarter valued at $61,000. Hedge funds and other institutional investors own 4.39% of the company's stock.

TMC the metals Trading Up 10.3%

Shares of TMC traded up $0.60 during midday trading on Tuesday, reaching $6.37. 9,135,875 shares of the company were exchanged, compared to its average volume of 8,324,413. The stock has a 50-day moving average price of $5.83 and a 200-day moving average price of $4.49. The company has a market cap of $2.59 billion, a price-to-earnings ratio of -17.20 and a beta of 1.64. 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 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). Equities research analysts anticipate that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Activity

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 transaction, the director owned 197,586 shares in the company, valued at approximately $1,458,184.68. The trade was a 18.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Anthony O'sullivan sold 250,000 shares of the business's stock in a transaction dated 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 completion of the transaction, the insider owned 1,125,667 shares in the company, valued at approximately $5,909,751.75. This trade represents a 18.17% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 319,204 shares of company stock worth $1,833,726. Insiders own 27.60% of the company's stock.

Wall Street Analyst Weigh In

TMC has been the topic of a number of research analyst reports. Wedbush upgraded TMC the metals from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $6.00 to $11.00 in a report on Wednesday, June 25th. HC Wainwright reiterated a "buy" rating and issued a $7.25 target price on shares of TMC the metals in a report on Monday, August 18th. Finally, Zacks Research upgraded TMC the metals from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 19th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, TMC the metals has a consensus rating of "Moderate Buy" and an average price target of $7.33.

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.