TMC the metals (NASDAQ:TMC) Shares Gap Up – Still a Buy?

TMC the metals company Inc. (NASDAQ:TMC)’s share price gapped up before the market opened on Monday . The stock had previously closed at $6.62, but opened at $6.96. TMC the metals shares last traded at $6.88, with a volume of 3,485,912 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on TMC shares. Wedbush reaffirmed an “outperform” rating and set a $11.00 price target on shares of TMC the metals in a report on Thursday, January 22nd. HC Wainwright raised their target price on TMC the metals from $7.50 to $11.75 and gave the company a “buy” rating in a research note on Friday, January 23rd. Zacks Research upgraded shares of TMC the metals from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a research note on Wednesday, January 21st. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $11.38.

TMC the metals Price Performance

The stock’s 50 day moving average is $7.17 and its two-hundred day moving average is $6.64. The firm has a market capitalization of $2.80 billion, a P/E ratio of -8.79 and a beta of 1.85.

TMC the metals (NASDAQ:TMC) last issued its earnings results on Thursday, November 13th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.08). As a group, equities research analysts expect that TMC the metals company Inc. will post -0.22 EPS for the current year.

Insider Buying and Selling at TMC the metals

In related news, insider Anthony O’sullivan sold 50,000 shares of TMC the metals stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $6.77, for a total transaction of $338,500.00. Following the transaction, the insider owned 2,025,667 shares of the company’s stock, valued at $13,713,765.59. This trade represents a 2.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 27.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TMC. NewEdge Advisors LLC bought a new position in shares of TMC the metals during the 2nd quarter valued at about $28,000. Wolverine Asset Management LLC lifted its stake in TMC the metals by 752.6% in the second quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company’s stock valued at $33,000 after buying an additional 4,365 shares in the last quarter. Sunbelt Securities Inc. bought a new position in TMC the metals in the third quarter valued at approximately $34,000. KBC Group NV acquired a new position in shares of TMC the metals in the second quarter valued at approximately $37,000. Finally, Farther Finance Advisors LLC increased its position in shares of TMC the metals by 465.8% during the fourth quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company’s stock worth $35,000 after acquiring an additional 4,681 shares in the last quarter. 4.39% of the stock is owned by institutional investors and hedge funds.

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. 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.