TMC the metals (NASDAQ:TMC) Shares Up 2.3% - Should You Buy?

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

Analyst Upgrades and Downgrades

TMC has been the subject of a number of research reports. HC Wainwright initiated coverage on TMC the metals in a report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 price target for the company. Wedbush upgraded TMC the metals from a "neutral" rating to an "outperform" rating and boosted their price target for the company from $6.00 to $11.00 in a report on Wednesday, June 25th.

TMC the metals Price Performance

The stock has a market cap of $2.59 billion, a PE ratio of -31.04 and a beta of 1.57. The business has a fifty day moving average of $4.68 and a 200-day moving average of $2.74.

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

Insiders Place Their Bets

In other TMC the metals news, Director Brendan May sold 44,204 shares of the company's stock in a transaction on Thursday, June 26th. The stock was 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 in the company, valued at $1,458,184.68. This represents a 18.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anthony O'sullivan sold 164,317 shares of the company's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $4.49, for a total value of $737,783.33. Following the sale, the insider owned 1,125,667 shares of the company's stock, valued at approximately $5,054,244.83. This represents a 12.74% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 233,521 shares of company stock valued at $1,259,009. 28.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On TMC the metals

A number of large investors have recently made changes to their positions in the business. Allworth Financial LP increased its position in shares of TMC the metals by 48.0% during the first quarter. Allworth Financial LP now owns 14,796 shares of the company's stock worth $25,000 after purchasing an additional 4,796 shares in the last quarter. Gray Wealth Management Inc. increased its position in shares of TMC the metals by 59.7% during the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock worth $27,000 after purchasing an additional 8,863 shares in the last quarter. Sprott Inc. acquired a new position in shares of TMC the metals during the first quarter worth $26,000. Independent Advisor Alliance increased its position in shares of TMC the metals by 53.1% during the first quarter. Independent Advisor Alliance now owns 57,665 shares of the company's stock worth $99,000 after purchasing an additional 20,000 shares in the last quarter. Finally, Oppenheimer & Co. Inc. acquired a new position in shares of TMC the metals during the fourth quarter worth $28,000. 4.39% of the stock is owned by institutional investors and hedge funds.

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.