TMC the metals (NASDAQ:TMC) Trading Up 6.5% - Should You Buy?

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) shares shot up 6.5% during trading on Friday . The company traded as high as $5.57 and last traded at $5.50. 4,166,347 shares traded hands during trading, a decline of 50% from the average session volume of 8,341,591 shares. The stock had previously closed at $5.17.

Analysts Set New Price Targets

Several research analysts recently issued reports on TMC shares. Zacks Research upgraded shares of TMC the metals from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 19th. Wedbush upgraded shares of TMC the metals from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $6.00 to $11.00 in a report on Wednesday, June 25th. Finally, HC Wainwright restated a "buy" rating and issued a $7.25 price objective on shares of TMC the metals in a report on Monday, August 18th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, TMC the metals has an average rating of "Moderate Buy" and an average price target of $7.33.

TMC the metals Stock Performance

The firm's 50-day moving average is $5.90 and its 200 day moving average is $4.37. The firm has a market capitalization of $2.23 billion, a PE ratio of -14.84 and a beta of 1.64.

TMC the metals (NASDAQ:TMC - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.01). As a group, equities analysts anticipate that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Activity at TMC the metals

In other news, insider Anthony O'sullivan sold 250,000 shares of the company'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 completion of the transaction, the insider directly owned 1,125,667 shares in the company, valued at $5,909,751.75. The trade was a 18.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brendan May sold 44,204 shares of the company's stock in a transaction 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 in the company, valued at $1,458,184.68. This trade represents a 18.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 504,314 shares of company stock valued at $3,146,155. Corporate insiders own 27.60% of the company's stock.

Hedge Funds Weigh In On TMC the metals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC bought a new position in TMC the metals in the second quarter valued at about $28,000. Wolverine Asset Management LLC boosted its holdings in TMC the metals by 752.6% in the second quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company's stock worth $33,000 after acquiring an additional 4,365 shares in the last quarter. KBC Group NV bought a new stake in shares of TMC the metals during the second quarter valued at approximately $37,000. Quantbot Technologies LP bought a new stake in shares of TMC the metals during the second quarter valued at approximately $48,000. Finally, Marex Group plc bought a new stake in shares of TMC the metals during the second quarter valued at approximately $66,000. 4.39% of the stock is owned by institutional investors and hedge funds.

About TMC the metals

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.