TMC the metals Target of Unusually High Options Trading (NASDAQ:TMC)

TMC the metals company Inc. (NASDAQ:TMC) saw some unusual options trading activity on Friday. Investors purchased 38,898 call options on the company. This is an increase of approximately 137% compared to the typical volume of 16,433 call options.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on TMC shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a research report on Monday, April 20th. Wedbush upped their price objective on shares of TMC the metals from $8.00 to $10.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. Maxim Group started coverage on shares of TMC the metals in a research report on Thursday, June 4th. They set a “buy” rating and a $10.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $11.75 price objective on shares of TMC the metals in a research report on Tuesday, June 2nd. 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 research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, TMC the metals currently has an average rating of “Hold” and a consensus price target of $10.58.

TMC the metals Trading Up 5.8%

Shares of NASDAQ TMC opened at $5.43 on Friday. The company has a market cap of $2.35 billion, a price-to-earnings ratio of -6.87 and a beta of 1.99. TMC the metals has a 12 month low of $3.93 and a 12 month high of $11.35. The stock has a 50-day moving average price of $5.31 and a two-hundred day moving average price of $6.13.

TMC the metals (NASDAQ:TMC) last issued its earnings results on Thursday, May 14th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. On average, sell-side analysts predict that TMC the metals will post -0.31 earnings per share for the current year.

Insider Activity

In other news, Director Brendan May sold 20,768 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $6.42, for a total value of $133,330.56. Following the completion of the sale, the director owned 193,346 shares of the company’s stock, valued at approximately $1,241,281.32. The trade was a 9.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Rathbones Group PLC acquired a new position in TMC the metals during the first quarter worth about $144,000. Bank of America Corp DE increased its stake in shares of TMC the metals by 83.0% in the first quarter. Bank of America Corp DE now owns 150,600 shares of the company’s stock valued at $703,000 after buying an additional 68,324 shares during the period. Arkadios Wealth Advisors acquired a new position in shares of TMC the metals in the first quarter valued at approximately $66,000. Amundi increased its stake in shares of TMC the metals by 13.3% in the first quarter. Amundi now owns 44,186 shares of the company’s stock valued at $206,000 after buying an additional 5,202 shares during the period. Finally, California State Teachers Retirement System increased its stake in shares of TMC the metals by 38.4% in the first quarter. California State Teachers Retirement System now owns 264,499 shares of the company’s stock valued at $1,235,000 after buying an additional 73,365 shares during the period. 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.