TMC the metals (NASDAQ:TMC) Hits New 12-Month High – Still a Buy?

TMC the metals company Inc. (NASDAQ:TMC)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $11.35 and last traded at $10.69, with a volume of 28036025 shares trading hands. The stock had previously closed at $8.89.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. HC Wainwright restated a “buy” rating and issued a $7.25 target price on shares of TMC the metals in a research note on Monday, August 18th. Wedbush upgraded shares of TMC the metals from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $6.00 to $11.00 in a research report on Wednesday, June 25th. Zacks Research raised TMC the metals from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 19th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $7.33.

TMC the metals Trading Up 20.2%

The business’s fifty day moving average price is $6.00 and its 200-day moving average price is $5.11. The company has a market capitalization of $4.34 billion, a P/E ratio of -28.89 and a beta of 1.70.

TMC the metals (NASDAQ:TMC) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). As a group, equities research analysts forecast that TMC the metals company Inc. will post -0.22 EPS for the current year.

Insider Buying and Selling

In other TMC the metals news, insider Erika Ilves sold 1,591,485 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $5.77, for a total value of $9,182,868.45. Following the completion of the sale, the insider directly owned 1,145,792 shares of the company’s stock, valued at $6,611,219.84. The trade was a 58.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Anthony O’sullivan sold 250,000 shares of the business’s stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $5.25, for a total transaction of $1,312,500.00. Following the completion of the sale, the insider directly owned 1,125,667 shares of the company’s stock, valued at $5,909,751.75. This represents a 18.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 27.60% of the company’s stock.

Institutional Investors Weigh In On TMC the metals

Institutional investors have recently bought and sold shares of the stock. NewEdge Advisors LLC purchased a new stake in TMC the metals during the 2nd quarter valued at about $28,000. Wolverine Asset Management LLC lifted its position 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 purchasing an additional 4,365 shares during the last quarter. KBC Group NV bought a new stake in TMC the metals in the second quarter valued at approximately $37,000. Quantbot Technologies LP purchased a new position in shares of TMC the metals in the second quarter worth $48,000. Finally, Marex Group plc purchased a new position in shares of TMC the metals in the second quarter worth $66,000. 4.39% of the stock is currently owned by hedge funds and other institutional investors.

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.