TMC the metals (NASDAQ:TMC) Shares Gap Up - Still a Buy?

Key Points

• TMC the metals company shares gapped up from $5.87 to $6.69 before opening on Monday, with trading volume at over 10 million shares.
• Analysts have raised TMC's price target significantly, with Wedbush increasing it from $6.00 to $11.00 and maintaining an "outperform" rating.
• Insider transactions have seen significant share sales, with Director Brendan May selling 44,204 shares, representing an 18.28% decrease in ownership.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $5.87, but opened at $6.69. TMC the metals shares last traded at $5.79, with a volume of 10,416,391 shares traded.

Analyst Ratings Changes

Several equities analysts have issued reports on TMC shares. HC Wainwright boosted their price objective on shares of TMC the metals from $5.50 to $7.25 and gave the company a "buy" rating in a research note on Wednesday. Wedbush upgraded shares of 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.

TMC the metals Trading Up 3.8%

The stock has a market cap of $1.95 billion, a P/E ratio of -23.37 and a beta of 1.59. The business has a 50-day simple moving average of $6.14 and a 200 day simple moving average of $3.64.

TMC the metals (NASDAQ:TMC - Get Free Report) last released its earnings results 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). As a group, equities analysts expect that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Anthony O'sullivan sold 164,317 shares of TMC the metals stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $4.49, for a total value of $737,783.33. Following the sale, the insider directly owned 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Brendan May sold 44,204 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $7.38, for a total value of $326,225.52. Following the transaction, the director owned 197,586 shares of the company's stock, valued at $1,458,184.68. This trade represents a 18.28% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 233,521 shares of company stock worth $1,259,009. Company insiders own 27.60% of the company's stock.

Institutional Trading of TMC the metals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TMC. Tidal Investments LLC lifted its holdings in shares of TMC the metals by 11.9% in the 4th quarter. Tidal Investments LLC now owns 542,938 shares of the company's stock valued at $608,000 after buying an additional 57,606 shares during the period. Parallel Advisors LLC purchased a new stake in TMC the metals in the 1st quarter worth approximately $61,000. Wealth Enhancement Advisory Services LLC purchased a new stake in TMC the metals in the 1st quarter worth approximately $73,000. First Manhattan CO. LLC. boosted its holdings in shares of TMC the metals by 115.2% in the 4th quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock valued at $20,974,000 after purchasing an additional 10,025,000 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of TMC the metals during the 4th quarter valued at $28,000. 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.