TMC the metals (NASDAQ:TMC) Upgraded to Strong-Buy at Stifel Nicolaus

Stifel Nicolaus upgraded shares of TMC the metals (NASDAQ:TMC) to a strong-buy rating in a research note issued to investors on Thursday,Zacks.com reports.

TMC has been the subject of a number of other research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a research report on Friday, July 17th. Wall Street Zen raised shares of TMC the metals from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Maxim Group began coverage on shares of TMC the metals in a research note on Thursday, June 4th. They set a “buy” rating and a $10.00 price objective on the stock. Wedbush raised their price objective on shares of TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Finally, HC Wainwright reissued a “buy” rating and issued a $11.75 target price on shares of TMC the metals in a report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $10.44.

TMC the metals Price Performance

Shares of TMC stock opened at $4.81 on Thursday. The stock’s fifty day simple moving average is $4.19 and its 200 day simple moving average is $5.04. TMC the metals has a one year low of $3.40 and a one year high of $11.35. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of -6.59 and a beta of 2.06.

TMC the metals (NASDAQ:TMC) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). On average, research analysts anticipate that TMC the metals will post -0.32 earnings per share for the current year.

Insider Buying and Selling

In other TMC the metals news, Director Brendan May sold 20,768 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $6.42, for a total value of $133,330.56. Following the transaction, the director directly owned 193,346 shares in the company, valued at approximately $1,241,281.32. This trade represents a 9.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 28.50% of the company’s stock.

Institutional Trading of TMC the metals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Encompass Capital Advisors LLC bought a new stake in TMC the metals during the 4th quarter worth about $18,510,000. BlackRock Inc. bought a new position in shares of TMC the metals in the 2nd quarter valued at about $6,556,000. Old West Investment Management LLC bought a new position in shares of TMC the metals in the 2nd quarter valued at about $5,334,000. California State Teachers Retirement System grew its position in shares of TMC the metals by 303.2% during the 2nd quarter. California State Teachers Retirement System now owns 1,066,518 shares of the company’s stock worth $4,725,000 after buying an additional 802,019 shares during the period. Finally, State Street Corp raised its stake 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 worth $6,085,000 after buying an additional 23,095 shares during 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.