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

Key Points

• TMC the metals surged before market open, with shares jumping from $9.12 to $9.62, and last traded at $9.49 with significant transaction volume of 4,363,660 shares.
• Analyst ratings vary, with some upgrades from "sell" to "buy," while TMC currently has an average rating of "Hold" and a target price of $7.33.
• Insider transactions have seen significant sell-offs, with two insiders selling a combined total of over 1.8 million shares, indicating shifts in investor confidence.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $9.12, but opened at $9.62. TMC the metals shares last traded at $9.49, with a volume of 4,363,660 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on TMC shares. Zacks Research raised shares of TMC the metals from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 19th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of TMC the metals in a report on Wednesday. HC Wainwright reaffirmed a "buy" rating and set a $7.25 price target on shares of TMC the metals in a report on Monday, August 18th. Finally, Wedbush raised shares of TMC the metals from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $6.00 to $11.00 in a report on Wednesday, June 25th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $7.33.

TMC the metals Stock Up 2.9%

The firm's fifty day moving average price is $5.77 and its 200 day moving average price is $4.90. The stock has a market cap of $3.81 billion, a PE ratio of -25.35 and a beta of 1.70.

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

Insider Buying and Selling at TMC the metals

In related news, insider Anthony O'sullivan sold 250,000 shares of the business's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $5.25, for a total value of $1,312,500.00. Following the sale, the insider owned 1,125,667 shares in the company, valued at approximately $5,909,751.75. The trade was a 18.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Erika Ilves sold 1,591,485 shares of the business's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $5.77, for a total transaction of $9,182,868.45. Following the transaction, the insider owned 1,145,792 shares in the company, valued at $6,611,219.84. This trade represents a 58.14% decrease in their position. The disclosure for this sale can be found here. Insiders own 27.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Thomas J. Herzfeld Advisors Inc. increased its position in TMC the metals by 44.1% during the second quarter. Thomas J. Herzfeld Advisors Inc. now owns 12,911 shares of the company's stock valued at $85,000 after acquiring an additional 3,952 shares during the last quarter. Concurrent Investment Advisors LLC grew its holdings in shares of TMC the metals by 11.9% in the second quarter. Concurrent Investment Advisors LLC now owns 37,868 shares of the company's stock worth $250,000 after purchasing an additional 4,023 shares during the last quarter. NewEdge Advisors LLC bought a new position in shares of TMC the metals in the second quarter worth about $28,000. Wolverine Asset Management LLC grew its holdings in shares of TMC the metals by 752.6% in the second quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company's stock worth $33,000 after purchasing an additional 4,365 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of TMC the metals by 10.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 47,163 shares of the company's stock worth $335,000 after purchasing an additional 4,482 shares during the last quarter. 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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