TMC the metals (NASDAQ:TMC) Shares Up 7.2% - Still a Buy?

Key Points

• TMC the metals company shares increased by 7.2%, trading at $6.18, following a significant drop in daily volume.
• Analysts have changed their ratings on TMC, with Zacks upgrading to "hold" and Wedbush moving to "outperform," raising the price target from $6.00 to $11.00.
• Insider selling involved significant transactions, including the sale of 250,000 shares by Anthony O'Sullivan, representing a 18.17% decrease in ownership.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares rose 7.2% during trading on Tuesday . The stock traded as high as $6.09 and last traded at $6.18. Approximately 1,562,684 shares changed hands during trading, a decline of 81% from the average daily volume of 8,283,323 shares. The stock had previously closed at $5.77.

Analyst Upgrades and Downgrades

TMC has been the subject of several analyst reports. Zacks Research raised TMC the metals from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 19th. Wedbush raised TMC the metals from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $6.00 to $11.00 in a research note on Wednesday, June 25th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $7.25 price objective on shares of TMC the metals in a research note on Monday, August 18th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $7.33.

TMC the metals Stock Performance

The business has a fifty day simple moving average of $5.83 and a 200 day simple moving average of $4.49. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of -17.09 and a beta of 1.64.

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

Insider Buying and Selling at TMC the metals

In other news, insider Anthony O'sullivan sold 250,000 shares of the firm'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 sale, the insider owned 1,125,667 shares in the company, valued at $5,909,751.75. This trade represents a 18.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the director owned 197,586 shares in the company, 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. Insiders have sold 319,204 shares of company stock worth $1,833,726 in the last 90 days. Insiders own 27.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Thomas J. Herzfeld Advisors Inc. raised its position in TMC the metals by 44.1% in the second quarter. Thomas J. Herzfeld Advisors Inc. now owns 12,911 shares of the company's stock valued at $85,000 after purchasing an additional 3,952 shares during the period. Concurrent Investment Advisors LLC raised its position in TMC the metals by 11.9% in the second quarter. Concurrent Investment Advisors LLC now owns 37,868 shares of the company's stock valued at $250,000 after purchasing an additional 4,023 shares during the period. NewEdge Advisors LLC purchased a new position in TMC the metals in the second quarter valued at about $28,000. Wolverine Asset Management LLC raised its position in 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 during the period. Finally, Wealth Enhancement Advisory Services LLC raised its position in 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 valued at $335,000 after purchasing an additional 4,482 shares during the period. Institutional investors and hedge funds 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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