TMC the metals (NASDAQ:TMC) Sets New 52-Week High - Still a Buy?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $8.63 and last traded at $8.20, with a volume of 10107865 shares changing hands. The stock had previously closed at $7.63.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wedbush raised shares of TMC the metals from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $6.00 to $11.00 in a research note on Wednesday, June 25th. HC Wainwright started 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 objective for the company.

TMC the metals Price Performance

The company has a 50 day moving average of $5.73 and a 200-day moving average of $3.30. The company has a market capitalization of $2.94 billion, a P/E ratio of -35.32 and a beta of 1.57.

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

Insiders Place Their Bets

In related news, Director Brendan May sold 44,204 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $7.38, for a total value of $326,225.52. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Anthony O'sullivan sold 164,317 shares of TMC the metals stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total transaction of $737,783.33. Following the transaction, the insider owned 1,125,667 shares of the company's stock, valued at $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. In the last quarter, insiders sold 233,521 shares of company stock valued at $1,259,009. 28.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On TMC the metals

Several institutional investors and hedge funds have recently added to or reduced their stakes in TMC. Allworth Financial LP increased its holdings in 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. purchased a new stake in shares of TMC the metals in the 1st quarter worth $26,000. Raymond James Financial Inc. bought a new position in TMC the metals in the 4th quarter worth $28,000. Foster Dykema Cabot & Partners LLC purchased a new position in TMC the metals during the first quarter valued at $44,000. Finally, Prudential Financial Inc. bought a new stake in TMC the metals during the fourth quarter valued at about $47,000. 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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