TMC the metals (NASDAQ:TMC) Hits New 1-Year High - Here's Why

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $5.16 and last traded at $4.73, with a volume of 4523198 shares traded. The stock had previously closed at $4.62.

Analyst Ratings Changes

Several research analysts have commented on TMC shares. Wedbush restated a "neutral" rating and issued a $6.00 price objective on shares of TMC the metals in a report on Friday, May 16th. HC Wainwright started coverage on shares of TMC the metals in a report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 price objective for the company.

TMC the metals Trading Up 3.2%

The company's 50 day moving average is $2.95 and its 200-day moving average is $1.92. The company has a market capitalization of $1.63 billion, a P/E ratio of -14.48 and a beta of 1.33.

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

Insider Transactions at TMC the metals

In related news, CFO Craig Shesky sold 353,702 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $1.66, for a total value of $587,145.32. Following the completion of the transaction, the chief financial officer now directly owns 1,145,717 shares in the company, valued at $1,901,890.22. The trade was a 23.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anthony O'sullivan sold 164,317 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 1,125,667 shares of the company's stock, valued at approximately $5,054,244.83. The trade was a 12.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 28.50% of the company's stock.

Hedge Funds Weigh In On TMC the metals

Hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP raised its stake in TMC the metals by 48.0% during the 1st quarter. Allworth Financial LP now owns 14,796 shares of the company's stock valued at $25,000 after buying an additional 4,796 shares during the last quarter. Sprott Inc. purchased a new stake in TMC the metals during the 1st quarter valued at $26,000. Gray Wealth Management Inc. raised its stake in TMC the metals by 59.7% during the 4th quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock valued at $27,000 after buying an additional 8,863 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in TMC the metals during the 4th quarter valued at $28,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of TMC the metals in the 4th quarter worth $28,000. 4.39% of the stock is currently owned by hedge funds and other institutional investors.

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.