TMC the metals (NASDAQ:TMC) Stock Price Up 11.4% - What's Next?

Key Points

• TMC stock jumped 11.4% intraday to as high as $6.89 (last $6.875) on Friday, with 5.06 million shares traded—about 33% below its average session volume.
• Analysts are mixed but tilting up: Zacks upgraded from "strong sell" to "hold" and HC Wainwright raised its price target to $7.50 with a "buy"; the consensus is an average Hold rating and a $7.42 price target.
• The company missed quarterly earnings—EPS of -$0.14 versus estimates of -$0.06 and analysts forecast -0.22 EPS for the fiscal year; an insider sold 50,000 shares while insiders still own about 27.6% of the stock.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s stock price shot up 11.4% during mid-day trading on Friday . The stock traded as high as $6.89 and last traded at $6.8750. 5,061,789 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 7,499,934 shares. The stock had previously closed at $6.17.

Analyst Ratings Changes

A number of equities analysts have weighed in on TMC shares. Zacks Research raised TMC the metals from a "strong sell" rating to a "hold" rating in a research note on Thursday, November 13th. HC Wainwright raised their price target on TMC the metals from $7.25 to $7.50 and gave the stock a "buy" rating in a research note on Friday, November 14th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of TMC the metals in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $7.42.

TMC the metals Trading Up 11.2%

The business has a 50 day simple moving average of $6.50 and a two-hundred day simple moving average of $6.51. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of -8.93 and a beta of 1.85.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.14) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.08). Research analysts anticipate that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Anthony O'sullivan sold 50,000 shares of the firm's stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $6.77, for a total value of $338,500.00. Following the sale, the insider directly owned 2,025,667 shares of the company's stock, valued at approximately $13,713,765.59. This trade represents a 2.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 27.60% of the company's stock.

Institutional Investors Weigh In On TMC the metals

Several large investors have recently modified their holdings of the business. FNY Investment Advisers LLC acquired a new stake in shares of TMC the metals in the third quarter valued at approximately $138,000. Allworth Financial LP increased its position in shares of TMC the metals by 52.0% during the third quarter. Allworth Financial LP now owns 47,521 shares of the company's stock valued at $303,000 after acquiring an additional 16,266 shares during the last quarter. Cantor Fitzgerald L. P. acquired a new position in TMC the metals during the 3rd quarter worth about $318,000. Sunbelt Securities Inc. acquired a new stake in shares of TMC the metals during the third quarter worth about $34,000. Finally, Sender Co & Partners Inc. acquired a new position in TMC the metals during the 3rd quarter worth $110,000. 4.39% of the stock is currently owned by 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. 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.