TMC the metals (NASDAQ:TMC) Shares Up 2.4% - Still a Buy?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares shot up 2.4% on Thursday . The company traded as high as $7.79 and last traded at $7.87. 2,633,528 shares traded hands during trading, a decline of 44% from the average session volume of 4,731,212 shares. The stock had previously closed at $7.68.

Analyst Ratings Changes

TMC has been the topic of several research analyst reports. Wedbush raised 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 research note on Wednesday, June 25th. HC Wainwright started coverage on TMC the metals in a research report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 price objective for the company.

TMC the metals Stock Performance

The company has a 50-day moving average price of $5.47 and a 200-day moving average price of $3.18. The firm has a market capitalization of $2.77 billion, a P/E ratio of -33.22 and a beta of 1.57.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued 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). Equities analysts predict that TMC the metals company Inc. will post -0.22 EPS for the current year.

Insider Buying and Selling

In related news, Director Brendan May sold 44,204 shares of the business'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 sale, the director 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 SEC, which is available through the SEC website. Also, insider Anthony O'sullivan sold 164,317 shares of TMC the metals stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $4.49, for a total value of $737,783.33. Following the transaction, the insider directly owned 1,125,667 shares in the company, valued at $5,054,244.83. The trade was a 12.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 233,521 shares of company stock worth $1,259,009. Company insiders own 28.50% of the company's stock.

Institutional Investors Weigh In On TMC the metals

Several hedge funds and other institutional investors have recently bought and sold shares of TMC. James J. Burns & Company LLC bought a new position in TMC the metals in the 2nd quarter valued at about $211,000. Abacus Wealth Partners LLC lifted its stake in TMC the metals by 187.5% during the 2nd quarter. Abacus Wealth Partners LLC now owns 92,000 shares of the company's stock valued at $607,000 after acquiring an additional 60,000 shares in the last quarter. Sowell Financial Services LLC boosted its holdings in TMC the metals by 37.4% during the 2nd quarter. Sowell Financial Services LLC now owns 16,604 shares of the company's stock worth $110,000 after acquiring an additional 4,517 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in TMC the metals by 10.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 47,163 shares of the company's stock worth $335,000 after acquiring an additional 4,482 shares during the last quarter. Finally, Mirador Capital Partners LP bought a new stake in shares of TMC the metals in the 2nd quarter worth $731,000. 4.39% of the stock is 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.