Encompass Capital Advisors LLC Buys New Position in TMC the metals company Inc. $TMC

Encompass Capital Advisors LLC bought a new stake in shares of TMC the metals company Inc. (NASDAQ:TMC) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 3,000,000 shares of the company’s stock, valued at approximately $18,510,000.

Several other institutional investors and hedge funds also recently made changes to their positions in TMC. NewEdge Advisors LLC acquired a new position in shares of TMC the metals during the second quarter valued at about $28,000. Caitong International Asset Management Co. Ltd bought a new position in shares of TMC the metals during the 4th quarter worth about $29,000. Sunbelt Securities Inc. bought a new position in shares of TMC the metals during the 3rd quarter worth about $34,000. Farther Finance Advisors LLC boosted its position in shares of TMC the metals by 465.8% during the 4th quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company’s stock worth $35,000 after purchasing an additional 4,681 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of TMC the metals during the 2nd quarter worth about $48,000. Institutional investors own 4.39% of the company’s stock.

Insider Buying and Selling at TMC the metals

In related news, Director Brendan May sold 20,768 shares of the company’s 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 sale, the director owned 193,346 shares in the company, valued at $1,241,281.32. This represents a 9.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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.

TMC the metals Price Performance

TMC opened at $5.11 on Thursday. TMC the metals company Inc. has a fifty-two week low of $3.93 and a fifty-two week high of $11.35. The firm has a market capitalization of $2.21 billion, a PE ratio of -6.47 and a beta of 1.99. The company’s 50-day moving average is $5.35 and its 200 day moving average is $6.12.

TMC the metals (NASDAQ:TMC) last posted its earnings results on Thursday, May 14th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. As a group, analysts expect that TMC the metals company Inc. will post -0.31 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on TMC shares. HC Wainwright reissued a “buy” rating and set a $11.75 price objective on shares of TMC the metals in a research report on Tuesday, June 2nd. Wall Street Zen raised shares of TMC the metals from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Wedbush increased their price objective on shares of TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a research report on Monday, April 20th. Finally, Maxim Group started coverage on shares of TMC the metals in a research report on Thursday, June 4th. They set a “buy” rating and a $10.00 price objective on the stock. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $10.58.

TMC the metals 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.