TMC the metals (NASDAQ:TMC) Hits New 12-Month High - Should You Buy?

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

Analyst Upgrades and Downgrades

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

TMC the metals Stock Up 13.3%

The stock has a market capitalization of $2.71 billion, a PE ratio of -32.56 and a beta of 1.45. The stock has a fifty day moving average of $4.04 and a 200-day moving average of $2.42.

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

Insiders Place Their Bets

In other TMC the metals news, CFO Craig Shesky sold 353,702 shares of the 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 transaction, the chief financial officer now directly owns 1,145,717 shares in the company, valued at $1,901,890.22. This represents a 23.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Anthony O'sullivan sold 164,317 shares of the firm'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 sale, the insider now directly owns 1,125,667 shares in the company, valued at approximately $5,054,244.83. The trade was a 12.74% decrease in their position. The disclosure for this sale can be found here. 28.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TMC. First Manhattan CO. LLC. lifted its position in TMC the metals by 115.2% in the fourth quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock valued at $20,974,000 after acquiring an additional 10,025,000 shares during the last quarter. Old West Investment Management LLC lifted its holdings 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. lifted its holdings in shares of TMC the metals by 35.1% in the 1st quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company's stock valued at $5,067,000 after purchasing an additional 766,167 shares during the last quarter. Jane Street Group LLC boosted its position in shares of TMC the metals by 7,330.9% in the 4th quarter. Jane Street Group LLC now owns 1,345,812 shares of the company's stock valued at $1,507,000 after purchasing an additional 1,364,424 shares during the period. Finally, Shay Capital LLC grew its stake 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 buying an additional 844,904 shares during the last quarter. 4.39% of the stock is 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.