TMC the metals (NASDAQ:TMC) Stock Price Up 11.8% - Still a Buy?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shot up 11.8% during trading on Thursday . The company traded as high as $7.09 and last traded at $7.01. 7,423,809 shares were traded during trading, an increase of 65% from the average session volume of 4,508,551 shares. The stock had previously closed at $6.27.

Analysts Set New Price Targets

A number of research firms have commented on TMC. HC Wainwright started coverage on shares of TMC the metals in a research note on Tuesday, May 20th. They set a "buy" rating and a $5.50 price objective on the stock. Wedbush raised shares of TMC the metals from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $6.00 to $11.00 in a report on Wednesday, June 25th.

TMC the metals Price Performance

The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of -29.78 and a beta of 1.57. The stock's fifty day simple moving average is $4.95 and its two-hundred day simple moving average is $2.90.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued its earnings results on Wednesday, May 14th. The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.03). On average, sell-side analysts predict that TMC the metals company Inc. will post -0.22 EPS for the current year.

Insider Transactions at TMC the metals

In related news, Director Brendan May sold 44,204 shares of the stock in a transaction dated Thursday, June 26th. The shares were 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 of the company's stock, valued at $1,458,184.68. This trade represents a 18.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anthony O'sullivan sold 164,317 shares of the stock in a transaction dated Wednesday, May 21st. The stock was 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. This trade represents a 12.74% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 233,521 shares of company stock worth $1,259,009. Corporate insiders own 28.50% of the company's stock.

Institutional Trading of TMC the metals

A number of large investors have recently modified their holdings of TMC. Raymond James Financial Inc. acquired a new stake in shares of TMC the metals in the 4th quarter worth about $28,000. Independent Advisor Alliance acquired a new stake in shares of TMC the metals in the 4th quarter worth about $42,000. Gray Wealth Management Inc. increased its holdings in shares of TMC the metals by 59.7% in the 4th quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock worth $27,000 after acquiring an additional 8,863 shares during the period. Prudential Financial Inc. bought a new position in TMC the metals in the 4th quarter valued at about $47,000. Finally, Old West Investment Management LLC grew its position in TMC the metals by 168.0% in the 4th quarter. Old West Investment Management LLC now owns 2,135,038 shares of the company's stock valued at $2,391,000 after buying an additional 1,338,423 shares in the last quarter. 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.