TMC the metals (NASDAQ:TMC) Shares Up 10.2% - Still a Buy?

Key Points

• TMC the metals company Inc. shares rose by 10.2%, reaching a price of $8.50, despite a trading volume decline of 29% from the average session.
• Wall Street analysts have mixed opinions, with three rating the stock as a Buy, one as a Hold, and one as a Sell, giving it an average price target of $7.33.
• Insider trading activity has seen significant sales, including Anthony O'sullivan offloading 250,000 shares and Erika Ilves selling 1.59 million shares, indicating a notable decrease in insider ownership.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s share price traded up 10.2% during trading on Tuesday . The company traded as high as $8.58 and last traded at $8.50. 5,902,657 shares changed hands during trading, a decline of 29% from the average session volume of 8,342,829 shares. The stock had previously closed at $7.72.

Wall Street Analysts Forecast Growth

TMC has been the subject of several research analyst reports. HC Wainwright reiterated a "buy" rating and issued a $7.25 price objective on shares of TMC the metals in a research report on Monday, August 18th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of TMC the metals in a research note on Saturday, September 27th. Wedbush raised TMC the metals from a "neutral" rating to an "outperform" rating and raised their target price for the company from $6.00 to $11.00 in a report on Wednesday, June 25th. Finally, Zacks Research upgraded TMC the metals from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 19th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, TMC the metals has an average rating of "Hold" and an average price target of $7.33.

TMC the metals Stock Up 14.0%

The business's 50 day moving average is $5.65 and its two-hundred day moving average is $4.84. The firm has a market capitalization of $3.58 billion, a P/E ratio of -23.96 and a beta of 1.70.

TMC the metals (NASDAQ:TMC - Get Free Report) last posted its quarterly earnings data 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, equities analysts anticipate that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On TMC the metals

Several hedge funds have recently added to or reduced their stakes in the company. Mirador Capital Partners LP increased its holdings in TMC the metals by 306.1% during the 3rd quarter. Mirador Capital Partners LP now owns 449,990 shares of the company's stock valued at $2,866,000 after purchasing an additional 339,174 shares during the period. Osaic Holdings Inc. grew its position in shares of TMC the metals by 173.0% during the second quarter. Osaic Holdings Inc. now owns 90,543 shares of the company's stock valued at $598,000 after purchasing an additional 57,375 shares in the last quarter. Marex Group plc purchased a new position in shares of TMC the metals during the second quarter valued at approximately $66,000. Engineers Gate Manager LP bought a new stake in shares of TMC the metals during the second quarter valued at approximately $102,000. Finally, BNP Paribas Financial Markets bought a new position in TMC the metals in the second quarter worth approximately $3,133,000. 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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