TMC the metals (NASDAQ:TMC) Stock Rating Upgraded by Wedbush

TMC the metals (NASDAQ:TMC) was upgraded by equities research analysts at Wedbush from a “neutral” rating to an “outperform” rating in a report issued on Wednesday,Finviz reports. The brokerage presently has a $11.00 target price on the stock. Wedbush’s price target suggests a potential upside of 66.41% from the company’s previous close.

Separately, HC Wainwright assumed coverage on shares of TMC the metals in a report on Tuesday, May 20th. They set a “buy” rating and a $5.50 target price for the company.

TMC the metals Price Performance

Shares of NASDAQ:TMC opened at $6.61 on Wednesday. The stock’s 50-day moving average is $4.04 and its 200 day moving average is $2.42. The company has a market cap of $2.39 billion, a PE ratio of -28.74 and a beta of 1.45. TMC the metals has a 1 year low of $0.72 and a 1 year high of $7.40.

TMC the metals (NASDAQ:TMC) last announced its quarterly earnings results on Wednesday, May 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Analysts expect that TMC the metals will post -0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Craig Shesky sold 353,702 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $1.66, for a total value of $587,145.32. Following the sale, the chief financial officer now directly owns 1,145,717 shares in the company, valued at approximately $1,901,890.22. This trade represents a 23.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Anthony O’sullivan sold 164,317 shares of TMC the metals stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $4.49, for a total value of $737,783.33. Following the sale, the insider now directly owns 1,125,667 shares of the company’s stock, valued at approximately $5,054,244.83. This represents a 12.74% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 28.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. First Manhattan CO. LLC. boosted its holdings in shares of TMC the metals by 115.2% during the 4th quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company’s stock worth $20,974,000 after purchasing an additional 10,025,000 shares during the last quarter. Old West Investment Management LLC raised its stake 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 purchasing an additional 2,135,038 shares during the period. Jane Street Group LLC boosted its holdings in TMC the metals by 7,330.9% in the 4th quarter. Jane Street Group LLC now owns 1,345,812 shares of the company’s stock valued at $1,507,000 after purchasing an additional 1,364,424 shares during the last quarter. Shay Capital LLC increased its holdings in shares of TMC the metals by 965.6% during the 4th quarter. Shay Capital LLC now owns 932,404 shares of the company’s stock worth $1,044,000 after buying an additional 844,904 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its holdings in TMC the metals by 35.1% in the first quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company’s stock valued at $5,067,000 after acquiring an additional 766,167 shares during the last quarter. 4.39% of the stock is owned by institutional investors and hedge funds.

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.