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

TMC the metals company Inc. (NASDAQ:TMC) rose 10.6% on Friday . The company traded as high as $5.60 and last traded at $5.6750. Approximately 2,157,265 shares traded hands 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

Several brokerages have recently commented on TMC. Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a report on Monday, April 20th. Wall Street Zen raised TMC the metals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. HC Wainwright reissued a “buy” rating and issued a $11.75 target price on shares of TMC the metals in a report on Tuesday, June 2nd. Maxim Group began coverage on TMC the metals in a report on Thursday, June 4th. They issued a “buy” rating and a $10.00 target price on the stock. Finally, Wedbush boosted their target price on TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, TMC the metals presently has an average rating of “Hold” and a consensus price target of $10.58.

TMC the metals Stock Performance

The firm’s 50-day moving average is $5.30 and its two-hundred day moving average is $6.13. The stock has a market cap of $2.37 billion, a P/E ratio of -6.93 and a beta of 1.99.

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

Insider Buying and Selling at TMC the metals

In other news, Director Brendan May sold 20,768 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $6.42, for a total value of $133,330.56. Following the transaction, the director owned 193,346 shares of the company’s stock, valued at $1,241,281.32. This represents a 9.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is currently owned by company insiders.

Institutional Trading of TMC the metals

Several hedge funds have recently added to or reduced their stakes in TMC. Encompass Capital Advisors LLC acquired a new stake in TMC the metals during the 4th quarter worth $18,510,000. Renaissance Technologies LLC bought a new position in TMC the metals during the 1st quarter worth about $3,409,000. UBS Group AG increased its holdings in TMC the metals by 869.6% during the 3rd quarter. UBS Group AG now owns 630,757 shares of the company’s stock worth $4,018,000 after purchasing an additional 712,717 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in TMC the metals by 234.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 678,540 shares of the company’s stock worth $4,187,000 after purchasing an additional 475,464 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new position in TMC the metals during the 2nd quarter worth about $3,133,000. Institutional investors and hedge funds own 4.39% of the company’s stock.

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.