TMC the metals (NASDAQ:TMC) Stock Price Up 11.2% - Here's Why

Key Points

• Shares jumped 11.2% intraday to about $8.02 (high $8.25) on roughly 16.52 million shares traded, about 108% above average, versus a prior close of $7.21.
• Analysts are mixed with a MarketBeat consensus rating of Hold and a consensus target of $9.25; two Buys, one Hold and one Sell (HC Wainwright raised its target to $7.50 and Zacks upgraded to Hold).
• The company reported a negative EPS (Q: -$0.14, missing estimates), has a negative P/E and $3.38B market cap, and saw insider Anthony O'Sullivan sell 50,000 shares while insiders own 27.6% of the stock.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s share price rose 11.2% during mid-day trading on Wednesday . The company traded as high as $8.25 and last traded at $8.0170. Approximately 16,524,135 shares were traded during mid-day trading, an increase of 108% from the average daily volume of 7,925,750 shares. The stock had previously closed at $7.21.

Analysts Set New Price Targets

Several equities research analysts have recently commented on TMC shares. HC Wainwright upped their price target on TMC the metals from $7.25 to $7.50 and gave the stock a "buy" rating in a report on Friday, November 14th. Zacks Research upgraded TMC the metals from a "strong sell" rating to a "hold" rating in a research report on Thursday, November 13th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of TMC the metals in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $9.25.

TMC the metals Stock Up 13.3%

The stock has a fifty day moving average price of $6.72 and a two-hundred day moving average price of $6.57. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of -10.61 and a beta of 1.85.

TMC the metals (NASDAQ:TMC - Get Free Report) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.08). As a group, research analysts forecast 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 other news, insider Anthony O'sullivan sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $6.77, for a total value of $338,500.00. Following the completion of the transaction, the insider owned 2,025,667 shares of the company's stock, valued at $13,713,765.59. The trade was a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 27.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On TMC the metals

Hedge funds have recently modified their holdings of the stock. Howe & Rusling Inc. increased its position in TMC the metals by 31.2% during the third quarter. Howe & Rusling Inc. now owns 14,855 shares of the company's stock worth $95,000 after purchasing an additional 3,530 shares during the last quarter. Thomas J. Herzfeld Advisors Inc. grew its stake in shares of TMC the metals by 44.1% during the 2nd quarter. Thomas J. Herzfeld Advisors Inc. now owns 12,911 shares of the company's stock valued at $85,000 after buying an additional 3,952 shares during the period. Concurrent Investment Advisors LLC increased its holdings in shares of TMC the metals by 11.9% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 37,868 shares of the company's stock worth $250,000 after buying an additional 4,023 shares during the last quarter. NewEdge Advisors LLC acquired a new stake in shares of TMC the metals during the 2nd quarter worth $28,000. Finally, Wolverine Asset Management LLC raised its position in shares of TMC the metals by 752.6% in the 2nd quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company's stock worth $33,000 after buying an additional 4,365 shares during the period. 4.39% of the stock is 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. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.