TMC the metals (NASDAQ:TMC) Stock Price Up 14.2% – Here’s What Happened

TMC the metals company Inc. (NASDAQ:TMC) shares rose 14.2% on Friday . The stock traded as high as $4.69 and last traded at $4.7050. Approximately 8,655,483 shares were traded during trading, an increase of 36% from the average daily volume of 6,384,974 shares. The stock had previously closed at $4.12.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of TMC the metals in a research report on Friday, July 17th. Maxim Group assumed coverage on TMC the metals in a research report on Thursday, June 4th. They set a “buy” rating and a $10.00 price objective for the company. Wall Street Zen upgraded TMC the metals from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Wedbush boosted their target price on TMC the metals from $8.00 to $10.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Finally, HC Wainwright restated a “buy” rating and set a $11.75 price target on shares of TMC the metals in a research note on Tuesday, June 2nd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $10.58.

TMC the metals Stock Up 10.9%

The stock has a fifty day moving average of $4.48 and a two-hundred day moving average of $5.35. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of -5.78 and a beta of 2.06.

TMC the metals (NASDAQ:TMC) last released its earnings results on Thursday, May 14th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. On average, research analysts expect that TMC the metals company Inc. will post -0.31 EPS for the current year.

Insider Activity

In other news, Director Brendan May sold 20,768 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $6.42, for a total value of $133,330.56. Following the completion of the transaction, the director owned 193,346 shares in the company, valued at $1,241,281.32. This trade represents a 9.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in TMC. Encompass Capital Advisors LLC acquired a new stake in shares of TMC the metals during the 4th quarter valued at approximately $18,510,000. BlackRock Inc. purchased a new stake in shares of TMC the metals during the 2nd quarter worth approximately $6,556,000. Old West Investment Management LLC acquired a new stake in shares of TMC the metals in the 2nd quarter worth approximately $5,334,000. State Street Corp grew its holdings in shares of TMC the metals by 2.4% in the 4th quarter. State Street Corp now owns 986,160 shares of the company’s stock worth $6,085,000 after acquiring an additional 23,095 shares during the period. Finally, Verition Fund Management LLC increased its stake in TMC the metals by 120.1% in the 4th 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. 4.39% of the stock is currently owned by institutional investors and hedge funds.

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.