TMC the metals (NASDAQ:TMC) Trading Up 6.2% – Here’s Why

Shares of TMC the metals company Inc. (NASDAQ:TMC) shot up 6.2% during mid-day trading on Wednesday . The stock traded as high as $5.83 and last traded at $5.7650. 2,255,161 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 8,626,342 shares. The stock had previously closed at $5.43.

Analyst Ratings Changes

Several brokerages have commented on TMC. Zacks Research raised shares of TMC the metals from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a report on Wednesday, October 8th. Finally, HC Wainwright increased their price target on TMC the metals from $7.25 to $7.50 and gave the company a “buy” rating in a research report on Friday, November 14th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $7.42.

TMC the metals Price Performance

The business has a 50-day simple moving average of $6.83 and a two-hundred day simple moving average of $6.01. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of -7.55 and a beta of 1.71.

TMC the metals (NASDAQ:TMC) last issued its earnings results on Thursday, November 13th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.08). As a group, equities analysts anticipate that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Activity at TMC the metals

In other TMC the metals news, insider Erika Ilves sold 1,591,485 shares of the company’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 transaction, the insider directly owned 1,145,792 shares in the company, valued at $6,611,219.84. The trade was a 58.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 27.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Old West Investment Management LLC lifted its position in TMC the metals by 100.0% during the first quarter. Old West Investment Management LLC now owns 4,270,076 shares of the company’s stock worth $7,345,000 after acquiring an additional 2,135,038 shares during the last quarter. Baird Financial Group Inc. increased its stake in shares of TMC the metals by 35.1% during the first quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company’s stock worth $5,067,000 after purchasing an additional 766,167 shares during the period. Jump Financial LLC acquired a new stake in TMC the metals during the 2nd quarter worth approximately $6,216,000. UBS Group AG lifted 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 during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in TMC the metals by 18.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 562,168 shares of the company’s stock valued at $3,581,000 after purchasing an additional 87,437 shares during the period. 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.