TMC the metals (NASDAQ:TMC) Stock Price Up 11.2% – What’s Next?

TMC the metals company Inc. (NASDAQ:TMC)’s stock price was up 11.2% during trading on Wednesday . The stock traded as high as $8.25 and last traded at $8.0170. Approximately 16,524,135 shares were traded during trading, an increase of 108% from the average daily volume of 7,925,750 shares. The stock had previously closed at $7.21.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TMC. Zacks Research upgraded TMC the metals from a “strong sell” rating to a “hold” rating in a report on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a research report on Wednesday, October 8th. Finally, HC Wainwright increased their price objective on shares of TMC the metals from $7.25 to $7.50 and gave the stock a “buy” rating in a research report on Friday, November 14th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, TMC the metals presently has an average rating of “Hold” and a consensus target price of $9.25.

TMC the metals Stock Up 13.3%

The business’s 50 day moving average price is $6.72 and its 200-day moving average price is $6.57. The company has a market cap of $3.38 billion, a PE ratio of -10.61 and a beta of 1.85.

TMC the metals (NASDAQ:TMC) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). Equities analysts expect that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Activity at TMC the metals

In related news, insider Anthony O’sullivan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $6.77, for a total value of $338,500.00. Following the transaction, the insider owned 2,025,667 shares in the company, valued at approximately $13,713,765.59. The trade was a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 27.60% of the company’s stock.

Institutional Investors Weigh In On TMC the metals

Several hedge funds and other institutional investors have recently bought and sold shares of TMC. NewEdge Advisors LLC acquired a new position in shares of TMC the metals in the 2nd quarter valued at approximately $28,000. Wolverine Asset Management LLC raised its holdings in TMC the metals by 752.6% in the second quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company’s stock valued at $33,000 after acquiring an additional 4,365 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in TMC the metals in the third quarter valued at $34,000. KBC Group NV bought a new position in TMC the metals during the 2nd quarter valued at $37,000. Finally, Quantbot Technologies LP acquired a new position in TMC the metals during the 2nd quarter worth $48,000. 4.39% of the stock is currently owned by hedge funds and other 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.