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

TMC the metals company Inc. (NASDAQ:TMC)’s stock 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 trading hands. The stock had previously closed at $7.68.

Wall Street Analyst Weigh In

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

TMC the metals Price Performance

The company has a market capitalization of $2.77 billion, a P/E ratio of -33.22 and a beta of 1.57. The stock’s 50 day moving average is $5.47 and its 200-day moving average is $3.18.

TMC the metals (NASDAQ:TMC) last posted its quarterly earnings results on Wednesday, May 14th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). On average, equities research analysts anticipate that TMC the metals company Inc. will post -0.22 EPS for the current year.

Insiders Place Their Bets

In other TMC the metals news, insider Anthony O’sullivan sold 164,317 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $4.49, for a total value of $737,783.33. Following the transaction, the insider directly owned 1,125,667 shares of the company’s stock, valued at approximately $5,054,244.83. This trade represents a 12.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Brendan May sold 44,204 shares of the business’s stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $7.38, for a total value of $326,225.52. Following the sale, the director owned 197,586 shares of the company’s stock, valued at approximately $1,458,184.68. This represents a 18.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 233,521 shares of company stock valued at $1,259,009. Corporate insiders own 28.50% of the company’s stock.

Institutional Investors Weigh In On TMC the metals

Hedge funds have recently modified their holdings of the business. Tidal Investments LLC increased its stake in shares of TMC the metals by 11.9% in the fourth quarter. Tidal Investments LLC now owns 542,938 shares of the company’s stock worth $608,000 after purchasing an additional 57,606 shares in the last quarter. Parallel Advisors LLC bought a new position in TMC the metals in the 1st quarter worth $61,000. Wealth Enhancement Advisory Services LLC purchased a new stake in TMC the metals in the 1st quarter worth $73,000. First Manhattan CO. LLC. raised its holdings in TMC the metals by 115.2% during the fourth quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company’s stock valued at $20,974,000 after acquiring an additional 10,025,000 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in TMC the metals during the fourth quarter valued at about $28,000. Institutional investors own 4.39% of the company’s stock.

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.