TMC the metals (NASDAQ:TMC) Sets New 12-Month High - Here's Why

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s share price hit a new 52-week high on Friday . The company traded as high as $8.19 and last traded at $7.90, with a volume of 12907219 shares. The stock had previously closed at $7.68.

Wall Street Analyst Weigh In

TMC has been the subject of a number of analyst reports. HC Wainwright initiated coverage on shares of TMC the metals in a research report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 price objective for the company. Wedbush raised shares of TMC the metals from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $6.00 to $11.00 in a research report on Wednesday, June 25th.

TMC the metals Price Performance

The stock's 50-day moving average price is $5.47 and its 200-day moving average price is $3.20.

TMC the metals (NASDAQ:TMC - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Equities research analysts forecast that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Anthony O'sullivan sold 164,317 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $4.49, for a total transaction of $737,783.33. Following the transaction, the insider owned 1,125,667 shares in the company, valued at approximately $5,054,244.83. This trade represents a 12.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Brendan May sold 44,204 shares of the firm's stock in a transaction 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 transaction, the director owned 197,586 shares in the company, valued at approximately $1,458,184.68. This represents a 18.28% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 233,521 shares of company stock worth $1,259,009. 28.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Allworth Financial LP grew its position in TMC the metals by 48.0% in the 1st quarter. Allworth Financial LP now owns 14,796 shares of the company's stock valued at $25,000 after acquiring an additional 4,796 shares in the last quarter. Sprott Inc. acquired a new position in shares of TMC the metals during the first quarter worth about $26,000. Raymond James Financial Inc. acquired a new position in shares of TMC the metals during the fourth quarter worth about $28,000. Foster Dykema Cabot & Partners LLC acquired a new position in shares of TMC the metals during the first quarter worth about $44,000. Finally, Prudential Financial Inc. acquired a new position in TMC the metals in the fourth quarter valued at approximately $47,000. 4.39% of the stock is owned by institutional investors and hedge funds.

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.