TMC the metals (NASDAQ:TMC) Hits New 1-Year High – Here’s Why

TMC the metals company Inc. (NASDAQ:TMC)’s share price hit a new 52-week high on Friday . The stock traded as high as $8.19 and last traded at $7.90, with a volume of 12907219 shares. The stock had previously closed at $7.68.

Wall Street Analyst Weigh In

TMC has been the topic of a number of research reports. Wedbush upgraded TMC the metals from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $6.00 to $11.00 in a research note on Wednesday, June 25th. HC Wainwright initiated coverage on TMC the metals in a report on Tuesday, May 20th. They issued a “buy” rating and a $5.50 price objective on the stock.

TMC the metals Trading Up 2.9%

The stock has a market cap of $2.86 billion, a P/E ratio of -34.35 and a beta of 1.57. The firm’s fifty day moving average is $5.38 and its 200 day moving average is $3.12.

TMC the metals (NASDAQ:TMC) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Research analysts forecast that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling at TMC the metals

In other news, insider Anthony O’sullivan sold 164,317 shares of the company’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total transaction of $737,783.33. Following the completion of the sale, the insider owned 1,125,667 shares of the company’s stock, valued at $5,054,244.83. This represents a 12.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Brendan May sold 44,204 shares of the company’s stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $7.38, for a total value of $326,225.52. Following the completion of the transaction, the director owned 197,586 shares of the company’s stock, valued at $1,458,184.68. The trade was a 18.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 233,521 shares of company stock worth $1,259,009. 28.50% of the stock is currently owned by company insiders.

Institutional Trading of TMC the metals

A number of hedge funds and other institutional investors have recently bought and sold shares of TMC. Allworth Financial LP boosted its position in shares of TMC the metals by 48.0% during the 1st quarter. Allworth Financial LP now owns 14,796 shares of the company’s stock worth $25,000 after acquiring an additional 4,796 shares in the last quarter. Sprott Inc. acquired a new position in TMC the metals in the first quarter valued at approximately $26,000. Sowell Financial Services LLC lifted its position in TMC the metals by 37.4% in the second quarter. Sowell Financial Services LLC now owns 16,604 shares of the company’s stock worth $110,000 after purchasing an additional 4,517 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of TMC the metals in the fourth quarter worth $28,000. Finally, Foster Dykema Cabot & Partners LLC acquired a new position in shares of TMC the metals in the first quarter worth $44,000. Hedge funds and other institutional investors 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.