TMC the metals (NASDAQ:TMC) Stock Price Up 2.7% - Still a Buy?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) traded up 2.7% during trading on Tuesday . The company traded as high as $6.75 and last traded at $6.74. 3,144,337 shares were traded during trading, a decline of 21% from the average session volume of 3,966,100 shares. The stock had previously closed at $6.56.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TMC. HC Wainwright started coverage on shares of TMC the metals in a research report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 price target on the stock. Wedbush upgraded shares of TMC the metals from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $6.00 to $11.00 in a report on Wednesday.

TMC the metals Trading Down 5.2%

The firm has a market capitalization of $2.46 billion, a P/E ratio of -29.58 and a beta of 1.46. The firm has a 50 day moving average price of $4.22 and a 200-day moving average price of $2.50.

TMC the metals (NASDAQ:TMC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Research analysts anticipate that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Anthony O'sullivan sold 164,317 shares of the stock in a transaction that occurred 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 now directly owns 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Craig Shesky sold 353,702 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $1.66, for a total value of $587,145.32. Following the transaction, the chief financial officer now owns 1,145,717 shares of the company's stock, valued at approximately $1,901,890.22. The trade was a 23.59% decrease in their position. The disclosure for this sale can be found here. 28.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. First Manhattan CO. LLC. boosted its position in TMC the metals by 115.2% in the 4th quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock valued at $20,974,000 after buying an additional 10,025,000 shares during the period. Old West Investment Management LLC raised its stake in shares of TMC the metals by 100.0% during the first quarter. Old West Investment Management LLC now owns 4,270,076 shares of the company's stock valued at $7,345,000 after acquiring an additional 2,135,038 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in shares of 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 valued at $5,067,000 after purchasing an additional 766,167 shares during the period. Jane Street Group LLC grew its stake in TMC the metals by 7,330.9% in the fourth quarter. Jane Street Group LLC now owns 1,345,812 shares of the company's stock worth $1,507,000 after purchasing an additional 1,364,424 shares in the last quarter. Finally, Shay Capital LLC increased its holdings in TMC the metals by 965.6% during the 4th quarter. Shay Capital LLC now owns 932,404 shares of the company's stock worth $1,044,000 after purchasing an additional 844,904 shares during the period. 4.39% of the stock is currently owned by 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.