TMC the metals (NASDAQ:TMC) Trading Up 5.3% – Time to Buy?

TMC the metals company Inc. (NASDAQ:TMC)’s share price shot up 5.3% during mid-day trading on Thursday . The stock traded as high as $1.94 and last traded at $1.89. 1,027,597 shares traded hands during trading, a decline of 40% from the average session volume of 1,709,494 shares. The stock had previously closed at $1.79.

Analyst Upgrades and Downgrades

TMC has been the subject of several recent research reports. Alliance Global Partners initiated coverage on shares of TMC the metals in a report on Wednesday, January 15th. They issued a “buy” rating and a $3.75 price target for the company. Wedbush restated a “neutral” rating and set a $4.00 target price on shares of TMC the metals in a report on Friday, March 28th.

TMC the metals Stock Performance

The firm has a market capitalization of $678.43 million, a P/E ratio of -6.29 and a beta of 1.46. The business’s fifty day moving average price is $1.83 and its two-hundred day moving average price is $1.33.

TMC the metals (NASDAQ:TMC) last announced its earnings results on Thursday, March 27th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. The business had revenue of ($20.18) million for the quarter. Sell-side analysts predict that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling at TMC the metals

In related news, CFO Craig Shesky sold 353,702 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $1.66, for a total transaction of $587,145.32. Following the completion of the transaction, the chief financial officer now directly owns 1,145,717 shares in the company, valued at $1,901,890.22. The trade was a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 30.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TMC the metals

Institutional investors have recently modified their holdings of the stock. First Manhattan CO. LLC. raised its position 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 in the last quarter. Jane Street Group LLC grew its stake in shares of TMC the metals by 7,330.9% during the 4th quarter. Jane Street Group LLC now owns 1,345,812 shares of the company’s stock worth $1,507,000 after purchasing an additional 1,364,424 shares during the period. Old West Investment Management LLC increased its holdings in shares of TMC the metals by 168.0% during the 4th quarter. Old West Investment Management LLC now owns 2,135,038 shares of the company’s stock valued at $2,391,000 after purchasing an additional 1,338,423 shares in the last quarter. Shay Capital LLC lifted its stake in shares of TMC the metals by 965.6% in the 4th quarter. Shay Capital LLC now owns 932,404 shares of the company’s stock valued at $1,044,000 after purchasing an additional 844,904 shares during the period. Finally, Tidal Investments LLC boosted its holdings in TMC the metals by 32.6% during the third quarter. Tidal Investments LLC now owns 485,332 shares of the company’s stock worth $514,000 after buying an additional 119,335 shares in the last quarter. 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.