TMC the metals Target of Unusually Large Options Trading (NASDAQ:TMC)

Key Points

• TMC the metals company Inc. experienced a significant rise in options trading, with a 91% increase in call options purchased, totaling 41,674 on Thursday.
• The stock received mixed analyst ratings, with Zacks upgrading it to "hold," while Wedbush raised its price target from $6.00 to $11.00.
• Insider trading activity saw notable sales, with two insiders offloading large quantities of shares, indicating a potential decrease in confidence regarding the company's future prospects.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) was the recipient of unusually large options trading on Thursday. Traders purchased 41,674 call options on the company. This represents an increase of 91% compared to the average volume of 21,817 call options.

Wall Street Analyst Weigh In

TMC has been the subject of several analyst reports. Zacks Research upgraded TMC the metals from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 19th. HC Wainwright reiterated a "buy" rating and set a $7.25 price target on shares of TMC the metals in a research report on Monday, August 18th. Weiss Ratings reiterated a "sell (d-)" rating on shares of TMC the metals in a research report on Wednesday. Finally, Wedbush upgraded TMC the metals from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $6.00 to $11.00 in a research report on Wednesday, June 25th. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $7.33.

Insider Buying and Selling

In other news, insider Anthony O'sullivan sold 250,000 shares of the firm's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $5.25, for a total transaction of $1,312,500.00. Following the completion of the sale, the insider directly owned 1,125,667 shares of the company's stock, valued at $5,909,751.75. This trade represents a 18.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Erika Ilves sold 1,591,485 shares of the firm's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $5.77, for a total value of $9,182,868.45. Following the sale, the insider directly owned 1,145,792 shares of the company's stock, valued at approximately $6,611,219.84. This represents a 58.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. 27.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On TMC the metals

Several hedge funds and other institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC bought a new stake in TMC the metals during the 2nd quarter valued at $28,000. Wolverine Asset Management LLC raised 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 purchasing an additional 4,365 shares in the last quarter. KBC Group NV purchased a new position in shares of TMC the metals in the 2nd quarter valued at $37,000. Quantbot Technologies LP purchased a new position in shares of TMC the metals in the 2nd quarter valued at $48,000. Finally, Marex Group plc purchased a new position in shares of TMC the metals in the 2nd quarter valued at $66,000. 4.39% of the stock is currently owned by hedge funds and other institutional investors.

TMC the metals Stock Up 3.0%

Shares of TMC traded up $0.27 during mid-day trading on Thursday, hitting $9.39. 10,589,917 shares of the company's stock traded hands, compared to its average volume of 8,545,357. TMC the metals has a 1 year low of $0.72 and a 1 year high of $9.87. The firm has a market capitalization of $3.82 billion, a P/E ratio of -25.27 and a beta of 1.70. The business's 50-day moving average price is $5.77 and its 200-day moving average price is $4.90.

TMC the metals (NASDAQ:TMC - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). Sell-side analysts anticipate that TMC the metals will post -0.22 earnings per share for the current fiscal year.

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.

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