TMC the metals (NASDAQ:TMC) Shares Up 4.6% - Should You Buy?

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shot up 4.6% during mid-day trading on Thursday . The company traded as high as $4.58 and last traded at $4.54. 2,093,754 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 6,392,539 shares. The stock had previously closed at $4.34.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on TMC shares. Wedbush reissued a "neutral" rating and issued a $6.00 price objective on shares of TMC the metals in a report on Friday, May 16th. HC Wainwright assumed coverage on TMC the metals in a research report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 target price on the stock.

TMC the metals Trading Down 7.6%

The stock's fifty day simple moving average is $3.39 and its 200 day simple moving average is $2.12. The company has a market cap of $1.61 billion, a price-to-earnings ratio of -14.24 and a beta of 1.46.

TMC the metals (NASDAQ:TMC - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). On average, analysts predict that TMC the metals company Inc. will post -0.22 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Craig Shesky sold 353,702 shares of the firm's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $1.66, for a total transaction of $587,145.32. Following the transaction, the chief financial officer now owns 1,145,717 shares of the company's stock, valued at $1,901,890.22. This trade represents a 23.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 shares were sold at an average price of $4.49, for a total value of $737,783.33. Following the completion of the transaction, the insider now directly owns 1,125,667 shares in the company, valued at approximately $5,054,244.83. The trade was a 12.74% decrease in their position. The disclosure for this sale can be found here. Insiders own 28.50% of the company's stock.

Hedge Funds Weigh In On TMC the metals

Several hedge funds have recently bought and sold shares of TMC. Allworth Financial LP lifted its position in shares of TMC the metals by 48.0% in the first quarter. Allworth Financial LP now owns 14,796 shares of the company's stock valued at $25,000 after acquiring an additional 4,796 shares in the last quarter. Sprott Inc. purchased a new position in TMC the metals in the 1st quarter valued at about $26,000. Gray Wealth Management Inc. boosted its stake in shares of TMC the metals by 59.7% during the 4th quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock worth $27,000 after purchasing an additional 8,863 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in shares of TMC the metals during the fourth quarter worth about $28,000. Finally, Raymond James Financial Inc. acquired a new position in shares of TMC the metals in the fourth quarter valued at approximately $28,000. 4.39% of the stock is owned by hedge funds and other 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.