TMC the metals (NASDAQ:TMC) Shares Up 2.3% - What's Next?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s stock price traded up 2.3% during mid-day trading on Wednesday . The stock traded as high as $6.21 and last traded at $6.08. 5,622,666 shares traded hands during trading, an increase of 31% from the average session volume of 4,286,024 shares. The stock had previously closed at $5.94.

Analyst Upgrades and Downgrades

TMC has been the topic of a number of analyst reports. HC Wainwright started coverage on TMC the metals in a research note on Tuesday, May 20th. They set a "buy" rating and a $5.50 target price on the stock. 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 report on Wednesday, June 25th.

TMC the metals Stock Performance

The company has a market cap of $2.59 billion, a P/E ratio of -31.04 and a beta of 1.57. The business's fifty day moving average is $4.53 and its two-hundred day moving average is $2.66.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued its earnings results on Wednesday, May 14th. The company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.03). Analysts expect 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 related news, insider Anthony O'sullivan sold 164,317 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total value of $737,783.33. Following the completion of the sale, the insider directly owned 1,125,667 shares of the company's stock, valued at $5,054,244.83. This represents a 12.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brendan May sold 44,204 shares of the business's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $7.38, for a total transaction 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 disclosure for this sale can be found here. Insiders have sold a total of 233,521 shares of company stock worth $1,259,009 over the last 90 days. 28.50% of the stock is currently owned by company insiders.

Institutional Trading of TMC the metals

Several hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. bought a new position in shares of TMC the metals during the 1st quarter worth approximately $211,000. Baird Financial Group Inc. boosted its stake in TMC the metals by 35.1% in the 1st 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 in the last quarter. Magnetar Financial LLC purchased a new stake in TMC the metals during the 1st quarter worth approximately $86,000. OMERS ADMINISTRATION Corp acquired a new position in TMC the metals during the 1st quarter valued at approximately $79,000. Finally, Old West Investment Management LLC raised its holdings in shares of TMC the metals by 100.0% in the first quarter. Old West Investment Management LLC now owns 4,270,076 shares of the company's stock worth $7,345,000 after buying an additional 2,135,038 shares during the last quarter. 4.39% of the stock is 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.