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

Key Points

• TMC the metals (NASDAQ:TMC) reached a new **52-week high** of $9.55 amidst significant trading volume, closing at $9.28, up from a previous close of $7.72.
• Analysts have shown mixed ratings for TMC, with Zacks upgrading it to "hold," while Wedbush raised its price target from $6.00 to **$11.00**, reflecting optimistic outlooks on the stock's potential.
• Recent insider activity saw significant sell-offs, with key insiders selling a total of over **1.8 million shares**, leading to reduced ownership stakes and raising concerns about insider confidence in the company's future.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $9.55 and last traded at $9.28, with a volume of 33906840 shares trading hands. The stock had previously closed at $7.72.

Analyst Ratings Changes

TMC has been the subject of a number of recent research reports. Zacks Research raised TMC the metals from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 19th. Wedbush upgraded TMC the metals from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $6.00 to $11.00 in a report on Wednesday, June 25th. Weiss Ratings reiterated a "sell (d-)" rating on shares of TMC the metals in a research note on Saturday, September 27th. Finally, HC Wainwright reissued a "buy" rating and issued a $7.25 target price on shares of TMC the metals in a research report on Monday, August 18th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, TMC the metals currently has a consensus rating of "Hold" and a consensus price target of $7.33.

TMC the metals Trading Up 20.2%

The stock has a market cap of $3.77 billion, a P/E ratio of -25.08 and a beta of 1.70. The firm's fifty day moving average is $5.71 and its 200 day moving average is $4.87.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.01). Research analysts forecast that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Activity at TMC the metals

In other TMC the metals news, insider Anthony O'sullivan sold 250,000 shares of TMC the metals stock in a transaction that occurred on 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 transaction, the insider directly owned 1,125,667 shares of the company's stock, valued at $5,909,751.75. The trade was a 18.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Erika Ilves sold 1,591,485 shares of the stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $5.77, for a total value of $9,182,868.45. Following the completion of the sale, the insider directly owned 1,145,792 shares of the company's stock, valued at $6,611,219.84. This represents a 58.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 27.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP raised its position in shares of TMC the metals by 48.0% during the first 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. bought a new position in TMC the metals during the first quarter valued at about $26,000. NewEdge Advisors LLC acquired a new position in TMC the metals in the 2nd quarter valued at approximately $28,000. Wolverine Asset Management LLC lifted its position in shares of TMC the metals by 752.6% in the 2nd quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company's stock worth $33,000 after acquiring an additional 4,365 shares during the period. Finally, KBC Group NV acquired a new stake in shares of TMC the metals during the 2nd quarter worth approximately $37,000. Institutional investors own 4.39% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.