TMC the metals (NASDAQ:TMC) Stock Price Up 6.5% - Here's What Happened

Key Points

• TMC the metals company Inc.'s stock price increased by 6.5% to close at $5.50, marking a significant rise from the previous close of $5.17.
• Analyst ratings have improved, with Zacks upgrading the stock from "strong sell" to "hold," while Wedbush raised its target price from $6.00 to $11.00.
• Insider trading activity showed key figures selling a total of 504,314 shares in the past ninety days, which indicates a substantial decrease in their ownership stakes.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s share price was up 6.5% during trading on Friday . The company traded as high as $5.57 and last traded at $5.50. Approximately 4,166,347 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 8,341,591 shares. The stock had previously closed at $5.17.

Analyst Ratings Changes

Several research firms have recently issued reports on TMC. Zacks Research raised TMC the metals from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 19th. HC Wainwright restated a "buy" rating and set a $7.25 price objective on shares of TMC the metals in a research report on Monday, August 18th. Finally, Wedbush raised 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 research report on Wednesday, June 25th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $7.33.

TMC the metals Trading Up 7.1%

The firm has a 50-day simple moving average of $5.99 and a two-hundred day simple moving average of $4.27. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of -14.93 and a beta of 1.64.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.01). On average, sell-side analysts forecast that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Transactions at TMC the metals

In related news, Director Brendan May sold 44,204 shares of TMC the metals 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 directly owned 197,586 shares of the company's stock, valued at $1,458,184.68. The trade was a 18.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Anthony O'sullivan sold 250,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $5.25, for a total transaction of $1,312,500.00. Following the sale, the insider owned 1,125,667 shares in the company, valued at $5,909,751.75. This trade represents a 18.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 504,314 shares of company stock valued at $3,146,155 over the last ninety days. 27.60% of the stock is owned by insiders.

Institutional Investors Weigh In On TMC the metals

A number of hedge funds and other institutional investors have recently made changes to their positions in TMC. Allworth Financial LP increased its position in TMC the metals by 48.0% during the 1st 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. Sprott Inc. purchased a new position in shares of TMC the metals in the 1st quarter worth approximately $26,000. Raymond James Financial Inc. purchased a new stake in shares of TMC the metals during the 4th quarter worth approximately $28,000. NewEdge Advisors LLC purchased a new stake in shares of TMC the metals during the 2nd quarter valued at approximately $28,000. Finally, Wolverine Asset Management LLC lifted its stake in shares of TMC the metals by 752.6% during the 2nd quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company's stock valued at $33,000 after buying an additional 4,365 shares in the last quarter. 4.39% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.