TMC the metals (NASDAQ:TMC) Reaches New 1-Year High - Here's What Happened

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s stock price reached 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 trading hands. The stock had previously closed at $7.68.

Analyst Ratings Changes

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

TMC the metals Price Performance

The business's 50 day simple moving average is $5.38 and its 200 day simple moving average is $3.12. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of -34.35 and a beta of 1.57.

TMC the metals (NASDAQ:TMC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.03). As a group, analysts expect that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other TMC the metals news, insider Anthony O'sullivan sold 164,317 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $4.49, for a total value of $737,783.33. Following the completion of the transaction, the insider owned 1,125,667 shares in the company, valued at $5,054,244.83. This represents a 12.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brendan May sold 44,204 shares of the 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 sale, the director directly owned 197,586 shares in the company, valued at $1,458,184.68. This trade represents a 18.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 233,521 shares of company stock valued at $1,259,009 in the last three months. Insiders own 28.50% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TMC. First Manhattan CO. LLC. boosted its stake in TMC the metals by 115.2% during the fourth quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock valued at $20,974,000 after buying an additional 10,025,000 shares during the last quarter. Old West Investment Management LLC lifted its stake in shares of TMC the metals by 100.0% in 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 purchasing an additional 2,135,038 shares during the last quarter. Baird Financial Group Inc. raised its holdings in shares of TMC the metals by 35.1% in the first quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company's stock worth $5,067,000 after buying an additional 766,167 shares during the period. Jane Street Group LLC raised its holdings in shares of TMC the metals by 7,330.9% in the fourth quarter. Jane Street Group LLC now owns 1,345,812 shares of the company's stock worth $1,507,000 after buying an additional 1,364,424 shares during the period. Finally, Shay Capital LLC increased its holdings in TMC the metals by 965.6% during the 4th quarter. Shay Capital LLC now owns 932,404 shares of the company's stock worth $1,044,000 after purchasing an additional 844,904 shares during the period. 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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