TMC the metals (NASDAQ:TMC) Trading Up 4.8% - Still a Buy?

Key Points

• TMC the Metals shares rose by 4.8%, trading at $5.70, with a notable decline in trading volume, reaching only 694,443 shares compared to the average of over 8 million.
• Wall Street analysts have shown increased confidence in TMC, with upgrades from Zacks to "hold" and price target increases from other firms, indicating a consensus rating of "Moderate Buy" and a target price of $7.33.
• Insider activity has been significant, with insiders selling over 554,000 shares recently, which has led to a 27.60% insider ownership in the company.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) was up 4.8% during trading on Wednesday . The company traded as high as $5.58 and last traded at $5.70. Approximately 694,443 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 8,410,994 shares. The stock had previously closed at $5.44.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented 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. HC Wainwright restated a "buy" rating and issued a $7.25 price target on shares of TMC the metals in a research report on Monday, August 18th. Finally, Wedbush raised 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. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, TMC the metals presently has a consensus rating of "Moderate Buy" and a consensus price target of $7.33.

TMC the metals Price Performance

The stock's 50-day moving average is $6.09 and its 200 day moving average is $4.20. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of -13.84 and a beta of 1.64.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.01). Analysts anticipate that TMC the metals company Inc. will post -0.22 EPS for the current year.

Insider Buying and Selling at TMC the metals

In other TMC the metals news, Director Brendan May sold 44,204 shares of the firm's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $7.38, for a total value of $326,225.52. Following the completion of the sale, the director owned 197,586 shares of the company's stock, valued at approximately $1,458,184.68. This trade represents a 18.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Anthony O'sullivan sold 250,000 shares of the company's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $5.25, for a total transaction of $1,312,500.00. Following the transaction, the insider directly owned 1,125,667 shares in the company, valued at approximately $5,909,751.75. This trade represents a 18.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 554,314 shares of company stock valued at $3,356,155 in the last quarter. 27.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TMC. NewEdge Advisors LLC acquired a new position in TMC the metals during the second quarter worth $28,000. Wolverine Asset Management LLC lifted 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 valued at $33,000 after purchasing an additional 4,365 shares in the last quarter. KBC Group NV acquired a new stake in shares of TMC the metals in the second quarter valued at approximately $37,000. Quantbot Technologies LP purchased a new position in shares of TMC the metals during the 2nd quarter worth approximately $48,000. Finally, Marex Group plc acquired a new position in shares of TMC the metals during the 2nd quarter worth approximately $66,000. 4.39% of the stock is owned by hedge funds and other institutional investors.

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.