TMC the metals (NASDAQ:TMC) Shares Up 11.9% - Here's Why

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares rose 11.9% during trading on Friday . The company traded as high as $7.35 and last traded at $7.14. Approximately 19,253,357 shares traded hands during mid-day trading, an increase of 337% from the average daily volume of 4,404,476 shares. The stock had previously closed at $6.38.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. HC Wainwright assumed coverage on TMC the metals in a report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 price objective for the company. Wedbush raised 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 research report on Wednesday, June 25th.

TMC the metals Stock Performance

The business has a 50 day moving average price of $4.60 and a two-hundred day moving average price of $2.70. The company has a market cap of $2.59 billion, a P/E ratio of -31.04 and a beta of 1.57.

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

Insider Transactions at TMC the metals

In other TMC the metals news, Director Brendan May sold 44,204 shares of TMC the metals stock in a transaction 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 directly owned 197,586 shares of the company's stock, valued at approximately $1,458,184.68. The trade was a 18.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anthony O'sullivan sold 164,317 shares of the company's stock in a transaction 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 completion of the sale, the insider directly owned 1,125,667 shares in the company, valued at approximately $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. Over the last three months, insiders have sold 233,521 shares of company stock worth $1,259,009. Insiders own 28.50% of the company's stock.

Institutional Investors Weigh In On TMC the metals

Several institutional investors have recently bought and sold shares of TMC. First Manhattan CO. LLC. increased its position in shares of TMC the metals by 115.2% during the fourth quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock worth $20,974,000 after acquiring an additional 10,025,000 shares during the period. Old West Investment Management LLC boosted its stake in TMC the metals by 100.0% in the first quarter. Old West Investment Management LLC now owns 4,270,076 shares of the company's stock valued at $7,345,000 after acquiring an additional 2,135,038 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of TMC the metals by 7,330.9% in the fourth quarter. Jane Street Group LLC now owns 1,345,812 shares of the company's stock valued at $1,507,000 after buying an additional 1,364,424 shares during the last quarter. Shay Capital LLC raised its holdings in shares of TMC the metals by 965.6% in the fourth quarter. Shay Capital LLC now owns 932,404 shares of the company's stock valued at $1,044,000 after buying an additional 844,904 shares during the last quarter. Finally, Baird Financial Group Inc. raised its holdings in shares of TMC the metals by 35.1% in the first quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company's stock valued at $5,067,000 after buying an additional 766,167 shares during the last quarter. 4.39% of the stock is currently owned by institutional investors and hedge funds.

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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