TMC the metals (NASDAQ:TMC) Raised to “Outperform” at Wedbush

TMC the metals (NASDAQ:TMC) was upgraded by investment analysts at Wedbush from a “neutral” rating to an “outperform” rating in a research note issued on Wednesday, MarketBeat Ratings reports. The firm currently has a $11.00 price target on the stock, up from their previous price target of $6.00. Wedbush’s price target would indicate a potential upside of 53.20% from the company’s previous close. Wedbush also issued estimates for TMC the metals’ FY2027 earnings at ($0.05) EPS and FY2028 earnings at $0.37 EPS.

Separately, HC Wainwright started coverage on TMC the metals in a research report on Tuesday, May 20th. They set a “buy” rating and a $5.50 price objective on the stock.

TMC the metals Price Performance

Shares of TMC the metals stock opened at $7.18 on Wednesday. TMC the metals has a one year low of $0.72 and a one year high of $8.12. The business’s 50 day simple moving average is $4.22 and its two-hundred day simple moving average is $2.50. The stock has a market capitalization of $2.60 billion, a P/E ratio of -31.22 and a beta of 1.46.

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

Insiders Place Their Bets

In other TMC the metals news, CFO Craig Shesky sold 353,702 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $1.66, for a total transaction of $587,145.32. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Anthony O’sullivan sold 164,317 shares of TMC the metals stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total transaction of $737,783.33. Following the transaction, the insider now owns 1,125,667 shares of the company’s stock, valued at $5,054,244.83. The trade was a 12.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. 28.50% of the stock is owned by corporate insiders.

Institutional Trading of TMC the metals

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. First Manhattan CO. LLC. boosted its holdings in TMC the metals by 115.2% in the fourth quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company’s stock worth $20,974,000 after acquiring an additional 10,025,000 shares in the last quarter. Old West Investment Management LLC boosted its stake in 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 worth $7,345,000 after purchasing an additional 2,135,038 shares in the last quarter. Baird Financial Group Inc. boosted its stake in TMC the metals by 35.1% in the 1st quarter. Baird Financial Group Inc. now owns 2,946,027 shares of the company’s stock worth $5,067,000 after purchasing an additional 766,167 shares in the last quarter. Jane Street Group LLC grew its position in TMC the metals by 7,330.9% during the 4th quarter. Jane Street Group LLC now owns 1,345,812 shares of the company’s stock valued at $1,507,000 after purchasing an additional 1,364,424 shares during the last quarter. Finally, Shay Capital LLC increased its stake in TMC the metals by 965.6% during the 4th quarter. Shay Capital LLC now owns 932,404 shares of the company’s stock valued at $1,044,000 after purchasing an additional 844,904 shares in the last quarter. Hedge funds and other institutional investors own 4.39% of the company’s stock.

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.