TMC the metals Sees Unusually High Options Volume (NASDAQ:TMC)

Key Points

• TMC the metals company experienced a significant increase in options trading, with 39,357 call options purchased, a rise of approximately 87% from the typical daily volume.
• The company's stock traded down to $5.57 during the day, despite a high trading volume of over 23 million shares, significantly more than its usual volume.
• Insider trading activity included a sale of 164,317 shares by insider Anthony O'Sullivan, indicating a 12.74% decrease in his ownership position.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) saw some unusual options trading on Monday. Investors bought 39,357 call options on the stock. Thisrepresentsanincreaseofapproximately87% compared to the typical daily volume of 21,041 call options.

Analyst Upgrades and Downgrades

TMC has been the topic of several recent research reports. Wedbush upgraded TMC the metals from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $6.00 to $11.00 in a report on Wednesday, June 25th. HC Wainwright raised their target price on TMC the metals from $5.50 to $7.25 and gave the company a "buy" rating in a report on Wednesday.

TMC the metals Stock Performance

NASDAQ:TMC traded up $0.21 during trading hours on Wednesday, reaching $5.40. The stock had a trading volume of 4,819,320 shares, compared to its average volume of 8,404,762. The stock has a 50 day simple moving average of $6.14 and a 200 day simple moving average of $3.64. TMC the metals has a 12-month low of $0.72 and a 12-month high of $8.63. The stock has a market cap of $1.95 billion, a P/E ratio of -23.33 and a beta of 1.59.

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

Insider Activity

In related news, insider Anthony O'sullivan sold 164,317 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $4.49, for a total transaction of $737,783.33. Following the sale, the insider owned 1,125,667 shares in the company, valued at $5,054,244.83. This represents a 12.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brendan May sold 44,204 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $1,458,184.68. The trade was a 18.28% decrease in their position. 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. 27.60% of the stock is owned by corporate insiders.

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 business. Allworth Financial LP lifted its stake in shares of TMC the metals by 48.0% in the 1st 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 during the last quarter. Sprott Inc. bought a new position in TMC the metals during the 1st quarter valued at approximately $26,000. Raymond James Financial Inc. bought a new position in TMC the metals during the 4th quarter valued at approximately $28,000. Wolverine Asset Management LLC increased its position in TMC the metals by 752.6% during the 2nd quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company's stock valued at $33,000 after buying an additional 4,365 shares in the last quarter. Finally, Foster Dykema Cabot & Partners LLC bought a new position in TMC the metals during the 1st quarter valued at approximately $44,000. 4.39% of the stock is currently owned by hedge funds and other institutional investors.

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.