TMC the metals (NASDAQ:TMC) Stock Rating Upgraded by Wedbush

TMC the metals (NASDAQ:TMCGet Free Report) was upgraded by equities researchers at Wedbush from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage presently has a $11.00 price objective on the stock, up from their prior price objective of $6.00. Wedbush’s target price indicates a potential upside of 53.20% from the company’s current price. Wedbush also issued estimates for TMC the metals’ FY2027 earnings at ($0.05) EPS and FY2028 earnings at $0.37 EPS.

Separately, HC Wainwright assumed coverage on TMC the metals in a research report on Tuesday, May 20th. They issued a “buy” rating and a $5.50 target price for the company.

Check Out Our Latest Stock Report on TMC

TMC the metals Stock Down 4.1%

NASDAQ:TMC opened at $7.18 on Wednesday. The company has a fifty day moving average of $4.22 and a 200-day moving average of $2.50. The firm has a market capitalization of $2.60 billion, a P/E ratio of -31.22 and a beta of 1.46. TMC the metals has a twelve month low of $0.72 and a twelve month high of $8.12.

TMC the metals (NASDAQ:TMCGet Free Report) last posted 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). On average, analysts anticipate that TMC the metals will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Anthony O’sullivan sold 164,317 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total value of $737,783.33. Following the completion of the sale, the insider now owns 1,125,667 shares in the company, valued at $5,054,244.83. This represents a 12.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Craig Shesky sold 353,702 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $1.66, for a total transaction of $587,145.32. Following the transaction, the chief financial officer now directly owns 1,145,717 shares in the company, valued at $1,901,890.22. The trade was a 23.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 28.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On TMC the metals

Institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP increased its holdings in TMC the metals by 48.0% during the first quarter. Allworth Financial LP now owns 14,796 shares of the company’s stock worth $25,000 after buying an additional 4,796 shares during the last quarter. Sprott Inc. purchased a new stake in TMC the metals in the 1st quarter worth approximately $26,000. Gray Wealth Management Inc. boosted its stake in TMC the metals by 59.7% during the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company’s stock valued at $27,000 after buying an additional 8,863 shares during the period. Oppenheimer & Co. Inc. bought a new stake in shares of TMC the metals during the 4th quarter valued at about $28,000. Finally, Raymond James Financial Inc. purchased a new position in TMC the metals in the 4th quarter worth approximately $28,000. 4.39% of the stock is owned by institutional investors.

About TMC the metals

(Get Free Report)

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.

Further Reading

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