Stock Traders Buy High Volume of TMC the metals Call Options (NASDAQ:TMC)

TMC the metals company Inc. (NASDAQ:TMC) saw unusually large options trading activity on Friday. Investors bought 38,898 call options on the company. This represents an increase of approximately 137% compared to the average daily volume of 16,433 call options.

TMC the metals Stock Up 5.8%

Shares of NASDAQ TMC traded up $0.30 during midday trading on Friday, hitting $5.43. The company had a trading volume of 10,120,068 shares, compared to its average volume of 7,036,090. TMC the metals has a twelve month low of $3.93 and a twelve month high of $11.35. The business has a 50-day simple moving average of $5.30 and a two-hundred day simple moving average of $6.13. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of -6.87 and a beta of 1.99.

TMC the metals (NASDAQ:TMC) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. On average, equities analysts forecast that TMC the metals will post -0.31 EPS for the current year.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other TMC the metals news, Director Brendan May sold 20,768 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $6.42, for a total transaction of $133,330.56. Following the completion of the transaction, the director owned 193,346 shares in the company, valued at approximately $1,241,281.32. This represents a 9.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 28.50% of the company’s stock.

Institutional Trading of TMC the metals

Hedge funds and other institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC purchased a new position in TMC the metals during the 2nd quarter valued at about $28,000. Osterweis Capital Management Inc. purchased a new position in TMC the metals during the 4th quarter valued at about $29,000. Caitong International Asset Management Co. Ltd purchased a new position in TMC the metals during the 4th quarter valued at about $29,000. Sunbelt Securities Inc. purchased a new position in TMC the metals during the 3rd quarter valued at about $34,000. Finally, Farther Finance Advisors LLC increased its holdings in TMC the metals by 465.8% during the 4th quarter. Farther Finance Advisors LLC now owns 5,686 shares of the company’s stock valued at $35,000 after acquiring an additional 4,681 shares in the last quarter. Institutional investors and hedge funds 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. 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.