TMC the metals (NASDAQ:TMC) Stock Price Up 2.9% - Should You Buy?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s share price rose 2.9% on Monday . The stock traded as high as $8.10 and last traded at $7.87. Approximately 5,397,316 shares changed hands during mid-day trading, an increase of 12% from the average daily volume of 4,837,887 shares. The stock had previously closed at $7.64.

Analyst Ratings Changes

TMC has been the subject of several analyst reports. Wedbush upgraded shares of TMC the metals from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $6.00 to $11.00 in a research note on Wednesday, June 25th. HC Wainwright began coverage on shares of TMC the metals in a report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 target price on the stock.

TMC the metals Stock Performance

The company has a market capitalization of $2.93 billion, a P/E ratio of -35.22 and a beta of 1.57. The firm's fifty day moving average is $5.83 and its 200-day moving average is $3.34.

TMC the metals (NASDAQ:TMC - Get Free Report) last posted its earnings results on Wednesday, May 14th. The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.03). As a group, analysts expect that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Brendan May sold 44,204 shares of the business's stock in a transaction that occurred 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 transaction, the director owned 197,586 shares in the company, valued at approximately $1,458,184.68. The trade was a 18.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Anthony O'sullivan sold 164,317 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $4.49, for a total transaction of $737,783.33. Following the completion of the transaction, the insider owned 1,125,667 shares in the company, valued at $5,054,244.83. This trade represents a 12.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 233,521 shares of company stock worth $1,259,009 over the last three months. Insiders own 28.50% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of TMC. First Manhattan CO. LLC. raised its holdings in TMC the metals by 115.2% during the fourth quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock worth $20,974,000 after buying an additional 10,025,000 shares during the last quarter. Old West Investment Management LLC raised its holdings in 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 worth $7,345,000 after buying an additional 2,135,038 shares during the last quarter. Baird Financial Group Inc. raised its holdings in TMC the metals by 35.1% during the first quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company's stock worth $5,067,000 after buying an additional 766,167 shares during the last quarter. Jane Street Group LLC raised its holdings in TMC the metals by 7,330.9% during the fourth quarter. Jane Street Group LLC now owns 1,345,812 shares of the company's stock worth $1,507,000 after buying an additional 1,364,424 shares during the last quarter. Finally, Shay Capital LLC raised its holdings in TMC the metals by 965.6% during the fourth quarter. Shay Capital LLC now owns 932,404 shares of the company's stock worth $1,044,000 after buying an additional 844,904 shares during the last quarter. Institutional investors and hedge funds own 4.39% of the company's stock.

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.