Traders Purchase Large Volume of Call Options on TMC the metals (NASDAQ:TMC)

Key Points

• Unusual options activity: Investors purchased 38,855 call options on TMC on Friday, a roughly 59% increase vs. the average call volume of 24,489.
• Shares rose on the news: TMC stock climbed about 6.1% to $5.48 on Friday with ~4.1 million shares traded, and the company has a market cap of $2.37 billion.
• Analysts are mixed: HC Wainwright raised its target to $11.75 while Wedbush cut its target to $8, leaving a MarketBeat consensus rating of "Hold" and an average price target of $9.88.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) was the target of some unusual options trading activity on Friday. Investors acquired 38,855 call options on the company. This is an increase of 59% compared to the average volume of 24,489 call options.

TMC the metals Trading Up 6.1%

Shares of TMC stock traded up $0.32 during trading hours on Friday, hitting $5.48. 4,102,101 shares of the company's stock were exchanged, compared to its average volume of 7,498,691. The company has a market capitalization of $2.37 billion, a PE ratio of -6.83 and a beta of 2.00. TMC the metals has a 12-month low of $2.22 and a 12-month high of $11.35. The business's 50 day simple moving average is $5.55 and its 200-day simple moving average is $6.56.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TMC. HC Wainwright raised their target price on shares of TMC the metals from $7.50 to $11.75 and gave the company a "buy" rating in a research note on Friday, January 23rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of TMC the metals in a research note on Wednesday, January 21st. Finally, Wedbush lowered their target price on shares of TMC the metals from $11.00 to $8.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 31st. Two 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 company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $9.88.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. NewEdge Advisors LLC bought a new position in shares of TMC the metals in the second quarter worth approximately $28,000. Osterweis Capital Management Inc. bought a new position in shares of TMC the metals in the fourth quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd bought a new position in shares of TMC the metals in the fourth quarter worth approximately $29,000. Sunbelt Securities Inc. bought a new position in shares of TMC the metals in the third quarter worth approximately $34,000. Finally, Farther Finance Advisors LLC grew its holdings in shares of TMC the metals by 465.8% in the fourth quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company's stock worth $35,000 after purchasing an additional 4,681 shares during the last quarter. 4.39% of the stock is 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. 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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