TMC the metals (NASDAQ:TMC) Trading 7% Higher - What's Next?

Key Points

• TMC the metals shares rose 7% to about $4.04 in Tuesday trading, though volume was 54% below the stock’s average daily volume.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average price target of $10.58, with ratings ranging from “Sell” to “Buy.”
• The company reported a quarterly loss of $0.14 per share, missing the $0.06 loss expected by analysts; full-year estimates call for a loss of approximately $0.31 per share.

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) traded up 7% on Tuesday . The company traded as high as $3.96 and last traded at $4.0350. 2,941,425 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 6,365,526 shares. The stock had previously closed at $3.77.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of TMC the metals in a report on Friday, July 17th. HC Wainwright reaffirmed a "buy" rating and issued a $11.75 price objective on shares of TMC the metals in a research note on Tuesday, June 2nd. Wedbush lifted their target price on TMC the metals from $8.00 to $10.00 and gave the company an "outperform" rating in a research report on Monday, May 4th. Maxim Group initiated coverage on shares of TMC the metals in a report on Thursday, June 4th. They issued a "buy" rating and a $10.00 target price for the company. Finally, Wall Street Zen upgraded shares of TMC the metals from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 16th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $10.58.

TMC the metals Trading Up 4.4%

The company has a market capitalization of $1.71 billion, a P/E ratio of -5.43 and a beta of 2.06. The stock has a 50 day moving average price of $4.29 and a 200 day moving average price of $5.17.

TMC the metals (NASDAQ:TMC - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.08). On average, research analysts predict that TMC the metals company Inc. will post -0.31 EPS for the current year.

Insider Activity

In other news, Director Brendan May sold 20,768 shares of TMC the metals stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $6.42, for a total transaction of $133,330.56. Following the transaction, the director owned 193,346 shares in the company, valued at approximately $1,241,281.32. The trade was a 9.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 28.50% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TMC. Goldman Sachs Group Inc. bought a new position in shares of TMC the metals during the first quarter worth about $211,000. Geode Capital Management LLC raised its holdings in TMC the metals by 79.6% during the 2nd quarter. Geode Capital Management LLC now owns 330,823 shares of the company's stock worth $2,183,000 after purchasing an additional 146,650 shares during the last quarter. Creative Planning bought a new position in TMC the metals during the 2nd quarter worth approximately $76,000. Cetera Investment Advisers acquired a new position in shares of TMC the metals in the 2nd quarter worth approximately $168,000. Finally, Quantbot Technologies LP bought a new stake in shares of TMC the metals in the 2nd quarter valued at $48,000. 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. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications.

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