TMC the metals (NASDAQ:TMC) Stock Price Up 10.6% – What’s Next?

TMC the metals company Inc. (NASDAQ:TMC) shot up 10.6% during mid-day trading on Friday . The company traded as high as $5.60 and last traded at $5.6750. 2,157,265 shares changed hands during trading, a decline of 69% from the average session volume of 6,952,309 shares. The stock had previously closed at $5.13.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TMC. Wedbush lifted their price objective on shares of TMC the metals from $8.00 to $10.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Wall Street Zen upgraded shares of TMC the metals from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. HC Wainwright reiterated a “buy” rating and set a $11.75 price objective on shares of TMC the metals in a report on Tuesday, June 2nd. Maxim Group began coverage on shares of TMC the metals in a report on Thursday, June 4th. They set a “buy” rating and a $10.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a report on Monday, April 20th. Three 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. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $10.58.

TMC the metals Price Performance

The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of -6.87 and a beta of 1.99. The business’s fifty day moving average price is $5.31 and its 200-day moving average price is $6.13.

TMC the metals (NASDAQ:TMC) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Equities research analysts predict that TMC the metals company Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at TMC the metals

In related news, Director Brendan May sold 20,768 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were 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 $1,241,281.32. This trade represents a 9.70% 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 link. 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 Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Encompass Capital Advisors LLC bought a new position in shares of TMC the metals during the fourth quarter valued at about $18,510,000. State Street Corp lifted its position in shares of TMC the metals by 2.4% during the fourth quarter. State Street Corp now owns 986,160 shares of the company’s stock valued at $6,085,000 after purchasing an additional 23,095 shares in the last quarter. Verition Fund Management LLC lifted its position in shares of TMC the metals by 120.1% during the fourth quarter. Verition Fund Management LLC now owns 817,364 shares of the company’s stock valued at $5,043,000 after purchasing an additional 445,985 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of TMC the metals during the first quarter valued at about $3,409,000. Finally, Tudor Investment Corp ET AL lifted its position in shares of TMC the metals by 57.8% during the fourth quarter. Tudor Investment Corp ET AL now owns 698,185 shares of the company’s stock valued at $4,308,000 after purchasing an additional 255,766 shares in the last quarter. 4.39% of the stock is owned by 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.