TMC the metals (NASDAQ:TMC) Hits New 12-Month High - What's Next?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $8.12 and last traded at $7.89, with a volume of 7156524 shares traded. The stock had previously closed at $6.61.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. HC Wainwright assumed coverage on shares of TMC the metals in a research note on Tuesday, May 20th. They issued a "buy" rating and a $5.50 price target for the company. Wedbush raised shares of TMC the metals from a "neutral" rating to an "outperform" rating and boosted their price target for the company from $6.00 to $11.00 in a report on Wednesday.

TMC the metals Price Performance

The firm has a market cap of $2.47 billion, a price-to-earnings ratio of -29.61 and a beta of 1.46. The firm's fifty day moving average is $4.29 and its two-hundred day moving average is $2.54.

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

Insiders Place Their Bets

In related news, 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 value of $737,783.33. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 sale, the chief financial officer now directly owns 1,145,717 shares of the company's stock, valued at approximately $1,901,890.22. The trade was a 23.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 587,223 shares of company stock worth $1,846,154. Company insiders own 28.50% of the company's stock.

Institutional Investors Weigh In On TMC the metals

Large investors have recently made changes to their positions in the company. Allworth Financial LP grew its stake in shares of 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 buying an additional 4,796 shares in the last quarter. Sprott Inc. bought a new stake in TMC the metals during the first quarter worth approximately $26,000. Gray Wealth Management Inc. boosted its position in TMC the metals by 59.7% during the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock worth $27,000 after purchasing an additional 8,863 shares during the period. Oppenheimer & Co. Inc. bought a new stake in TMC the metals during the fourth quarter worth approximately $28,000. Finally, Raymond James Financial Inc. bought a new stake in TMC the metals during the fourth quarter worth approximately $28,000. 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.