TMC the metals (NASDAQ:TMC) Sees Unusually-High Trading Volume – Should You Buy?

TMC the metals company Inc. (NASDAQ:TMC) saw unusually-high trading volume on Tuesday . Approximately 3,273,697 shares were traded during trading, an increase of 9% from the previous session’s volume of 3,003,732 shares.The stock last traded at $4.57 and had previously closed at $4.45.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Wedbush restated a “neutral” rating and set a $6.00 price target on shares of TMC the metals in a research note on Friday. HC Wainwright assumed coverage on shares of TMC the metals in a research note on Tuesday. They issued a “buy” rating and a $5.50 price objective on the stock.

TMC the metals Stock Performance

The company has a market cap of $1.56 billion, a P/E ratio of -14.44 and a beta of 1.33. The business has a fifty day simple moving average of $2.46 and a 200 day simple moving average of $1.71.

TMC the metals (NASDAQ:TMC) last announced its earnings results on Wednesday, May 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Equities research analysts expect that TMC the metals company Inc. will post -0.22 EPS for the current year.

Insider Activity at TMC the metals

In related news, CFO Craig Shesky sold 353,702 shares of TMC the metals stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $1.66, for a total value of $587,145.32. Following the sale, the chief financial officer now owns 1,145,717 shares of the company’s stock, valued at approximately $1,901,890.22. This trade represents a 23.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 30.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On TMC the metals

Several institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. acquired a new position in shares of TMC the metals during the 1st quarter worth approximately $211,000. Baird Financial Group Inc. raised its stake in TMC the metals by 35.1% in the first quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company’s stock valued at $5,067,000 after purchasing an additional 766,167 shares in the last quarter. Magnetar Financial LLC acquired a new stake in TMC the metals during the first quarter worth about $86,000. OMERS ADMINISTRATION Corp bought a new position in TMC the metals in the 1st quarter valued at about $79,000. Finally, Old West Investment Management LLC raised its position in shares of TMC the metals by 100.0% in the 1st quarter. Old West Investment Management LLC now owns 4,270,076 shares of the company’s stock valued at $7,345,000 after buying an additional 2,135,038 shares in the last quarter. 4.39% of the stock is currently owned by institutional investors and hedge funds.

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.