TMC the metals (NASDAQ:TMC) Trading 14.2% Higher – What’s Next?
by Kim Johansen · The Markets DailyTMC the metals company Inc. (NASDAQ:TMC – Get Free Report)’s stock price was up 14.2% during mid-day trading on Friday . The company traded as high as $4.69 and last traded at $4.7050. Approximately 8,655,483 shares changed hands during trading, an increase of 36% from the average session volume of 6,384,974 shares. The stock had previously closed at $4.12.
Analyst Ratings Changes
A number of brokerages have recently weighed in on TMC. Wedbush increased their target price on TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a research note on Monday, May 4th. HC Wainwright reaffirmed a “buy” rating and issued a $11.75 price objective on shares of TMC the metals in a report on Tuesday, June 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of TMC the metals in a research report on Friday, July 17th. Maxim Group began coverage on TMC the metals in a report on Thursday, June 4th. They set a “buy” rating and a $10.00 target price for the company. Finally, 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. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $10.58.
Get Our Latest Stock Analysis on TMC
TMC the metals Stock Up 10.8%
The company’s fifty day moving average price is $4.51 and its 200 day moving average price is $5.35. The company has a market capitalization of $1.98 billion, a P/E ratio of -5.82 and a beta of 2.06.
TMC the metals (NASDAQ:TMC – Get Free Report) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Research analysts predict that TMC the metals company Inc. will post -0.31 earnings per share for the current fiscal year.
Insider Buying and Selling
In other TMC the metals news, Director Brendan May sold 20,768 shares of TMC the metals stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $6.42, for a total value of $133,330.56. Following the completion of the transaction, the director directly owned 193,346 shares of the company’s stock, valued at $1,241,281.32. The trade was a 9.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 28.50% of the stock is currently owned by company insiders.
Institutional Trading of TMC the metals
Several large investors have recently modified their holdings of TMC. BlackRock Inc. bought a new position in shares of TMC the metals in the second quarter worth $6,556,000. Deutsche Bank AG bought a new stake in TMC the metals during the second quarter worth about $74,000. Old West Investment Management LLC acquired a new stake in TMC the metals during the second quarter worth about $5,334,000. Bank of New York Mellon Corp acquired a new stake in TMC the metals during the second quarter worth about $45,000. Finally, Handelsbanken Fonder AB bought a new position in TMC the metals in the 2nd quarter valued at about $350,000. 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.