TMC the metals (NASDAQ:TMC) Stock Price Up 7% – Time to Buy?

Shares of TMC the metals company Inc. (NASDAQ:TMC) rose 7% during mid-day trading on Tuesday . The stock traded as high as $3.96 and last traded at $4.0350. 2,941,425 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 6,365,526 shares. The stock had previously closed at $3.77.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on TMC shares. Wall Street Zen upgraded TMC the metals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Wedbush upped their target price on TMC the metals from $8.00 to $10.00 and gave the company an “outperform” rating in a research report on Monday, May 4th. HC Wainwright reiterated a “buy” rating and issued a $11.75 target price on shares of TMC the metals in a report on Tuesday, June 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a research note on Friday, July 17th. Finally, Maxim Group started coverage on TMC the metals in a report on Thursday, June 4th. They set a “buy” rating and a $10.00 price target on the stock. Three 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $10.58.

TMC the metals Price Performance

The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of -5.43 and a beta of 2.06. The business’s fifty day simple moving average is $4.29 and its 200 day simple moving average is $5.17.

TMC the metals (NASDAQ:TMC) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.08). Equities research analysts expect that TMC the metals company Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Brendan May sold 20,768 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was 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 represents a 9.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is owned by insiders.

Institutional Investors Weigh In On TMC the metals

A number of hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC bought a new stake in shares of TMC the metals during the second quarter valued at approximately $28,000. Osterweis Capital Management Inc. acquired a new stake in TMC the metals in the 4th quarter valued at $29,000. Caitong International Asset Management Co. Ltd bought a new stake in TMC the metals during the 4th quarter valued at $29,000. Sunbelt Securities Inc. bought a new stake in TMC the metals during the 3rd quarter valued at $34,000. Finally, Farther Finance Advisors LLC raised its holdings in TMC the metals by 465.8% during the fourth quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company’s stock worth $35,000 after buying an additional 4,681 shares during the last quarter. Institutional investors and hedge funds own 4.39% of the company’s stock.

TMC the metals Company Profile

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.