TMC the metals (NASDAQ:TMC) Trading 10.6% Higher – Still a Buy?

Shares of TMC the metals company Inc. (NASDAQ:TMC) rose 10.6% during mid-day trading on Friday . The company traded as high as $5.60 and last traded at $5.6750. Approximately 2,157,265 shares were traded during trading, a decline of 69% from the average daily volume of 6,952,309 shares. The stock had previously closed at $5.13.

Analyst Upgrades and Downgrades

TMC has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a report on Monday, April 20th. Wall Street Zen upgraded shares of TMC the metals from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Wedbush increased their price objective on shares of TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Monday, May 4th. Maxim Group assumed coverage on shares of TMC the metals in a research note on Thursday, June 4th. They set a “buy” rating and a $10.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and set a $11.75 price objective on shares of TMC the metals in a research note on Tuesday, June 2nd. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $10.58.

TMC the metals Price Performance

The company’s 50-day simple moving average is $5.30 and its 200-day simple moving average is $6.13. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of -6.93 and a beta of 1.99.

TMC the metals (NASDAQ:TMC) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. Research analysts expect that TMC the metals company Inc. will post -0.31 earnings per share for the current year.

Insider Activity at TMC the metals

In other news, Director Brendan May sold 20,768 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $6.42, for a total transaction of $133,330.56. Following the transaction, the director directly owned 193,346 shares of the company’s stock, valued at approximately $1,241,281.32. This trade represents a 9.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in TMC. Encompass Capital Advisors LLC bought a new position in shares of TMC the metals during the fourth quarter worth approximately $18,510,000. Renaissance Technologies LLC bought a new position in TMC the metals in the first quarter valued at approximately $3,409,000. UBS Group AG increased its stake in TMC the metals by 869.6% in the third quarter. UBS Group AG now owns 630,757 shares of the company’s stock valued at $4,018,000 after acquiring an additional 712,717 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in TMC the metals by 234.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 678,540 shares of the company’s stock valued at $4,187,000 after acquiring an additional 475,464 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in TMC the metals in the second quarter valued at approximately $3,133,000. 4.39% of the stock is owned by 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.