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

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares shot up 11.8% during mid-day 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.

Analyst Ratings Changes

Several equities analysts have commented on TMC shares. HC Wainwright began coverage on TMC the metals in a research note on Tuesday, May 20th. They issued a "buy" rating and a $5.50 target price on the stock. Wedbush upgraded shares of TMC the metals from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $6.00 to $11.00 in a report on Wednesday, June 25th.

TMC the metals Stock Down 4.1%

The stock has a market cap of $2.38 billion, a P/E ratio of -28.56 and a beta of 1.57. The company's 50 day moving average price is $5.02 and its two-hundred day moving average price is $2.97.

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). As a group, equities research analysts forecast that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Activity

In other news, Director Brendan May sold 44,204 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The shares were 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 represents a 18.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Anthony O'sullivan sold 164,317 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total transaction of $737,783.33. Following the transaction, the insider owned 1,125,667 shares in the company, valued at approximately $5,054,244.83. This represents a 12.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 233,521 shares of company stock valued at $1,259,009 over the last 90 days. 28.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TMC. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of TMC the metals by 10.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 47,163 shares of the company's stock valued at $335,000 after buying an additional 4,482 shares in the last quarter. Mirador Capital Partners LP purchased a new stake in TMC the metals during the second quarter valued at approximately $731,000. Goldman Sachs Group Inc. acquired a new stake in TMC the metals in the first quarter valued at approximately $211,000. Baird Financial Group Inc. grew its holdings in TMC the metals by 35.1% in the first quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company's stock worth $5,067,000 after purchasing an additional 766,167 shares during the last quarter. Finally, Magnetar Financial LLC acquired a new position in shares of TMC the metals during the first quarter worth $86,000. 4.39% of the stock is currently owned by hedge funds and other institutional investors.

TMC the metals Company Profile

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.