TMC the metals (NASDAQ:TMC) Hits New 12-Month High - Still a Buy?

Key Points

• Shares of TMC the metals (NASDAQ:TMC) reached a new 52-week high of $11.35 during trading, with a significant volume of over 28 million shares exchanged.
• Analysts' ratings on TMC the metals are mixed, with Zacks upgrading it to a "hold" and Wedbush increasing the price target to $11.00, while Weiss Ratings maintained a "sell" rating.
• Insider transactions show significant sales, including Erika Ilves selling over 1.5 million shares, representing a 58.14% decrease in her ownership stake.

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) hit a new 52-week high during trading on Tuesday . The company traded as high as $11.35 and last traded at $10.69, with a volume of 28036025 shares trading hands. The stock had previously closed at $8.89.

Wall Street Analysts Forecast Growth

TMC has been the topic of several recent research reports. Zacks Research raised shares of TMC the metals from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 19th. Weiss Ratings reissued a "sell (d-)" rating on shares of TMC the metals in a research note on Wednesday, October 8th. Wedbush upgraded TMC the metals from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $6.00 to $11.00 in a report on Wednesday, June 25th. Finally, HC Wainwright reiterated a "buy" rating and set a $7.25 price target on shares of TMC the metals in a report on Monday, August 18th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $7.33.

TMC the metals Stock Up 20.2%

The company has a 50-day simple moving average of $6.00 and a two-hundred day simple moving average of $5.11. The firm has a market cap of $4.34 billion, a PE ratio of -28.89 and a beta of 1.70.

TMC the metals (NASDAQ:TMC - Get Free Report) last posted 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 analysts predict that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Transactions at TMC the metals

In related news, insider Erika Ilves sold 1,591,485 shares of the firm's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $5.77, for a total transaction of $9,182,868.45. Following the completion of the sale, the insider owned 1,145,792 shares in the company, valued at approximately $6,611,219.84. This trade represents a 58.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Anthony O'sullivan sold 250,000 shares of the stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $5.25, for a total transaction of $1,312,500.00. Following the transaction, the insider directly owned 1,125,667 shares of the company's stock, valued at $5,909,751.75. This represents a 18.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 27.60% of the company's stock.

Institutional Investors Weigh In On TMC the metals

Large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. purchased a new stake in TMC the metals in the 1st quarter worth about $211,000. Baird Financial Group Inc. boosted its position 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 purchasing an additional 766,167 shares during the period. Old West Investment Management LLC lifted its stake in shares of TMC the metals by 100.0% during 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 buying an additional 2,135,038 shares in the last quarter. Mirador Capital Partners LP purchased a new stake in shares of TMC the metals during the 2nd quarter valued at approximately $731,000. Finally, Abacus Wealth Partners LLC lifted its stake in shares of TMC the metals by 187.5% during the 2nd quarter. Abacus Wealth Partners LLC now owns 92,000 shares of the company's stock valued at $607,000 after buying an additional 60,000 shares in the last quarter. Hedge funds and other institutional investors own 4.39% of the company's stock.

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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