TMC the metals (NASDAQ:TMC) Hits New 52-Week High - Still a Buy?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $2.08 and last traded at $2.07, with a volume of 3724612 shares changing hands. The stock had previously closed at $1.88.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners initiated coverage on TMC the metals in a report on Wednesday, January 15th. They issued a "buy" rating and a $3.75 price objective on the stock.

TMC the metals Price Performance

The stock has a market capitalization of $635.55 million, a P/E ratio of -6.32 and a beta of 1.54. The stock's fifty day moving average is $1.42 and its 200-day moving average is $1.13.

Insiders Place Their Bets

In other news, CFO Craig Shesky sold 47,523 shares of TMC the metals stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $0.85, for a total value of $40,394.55. Following the transaction, the chief financial officer now owns 977,844 shares of the company's stock, valued at $831,167.40. This trade represents a 4.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Erika Ilves sold 217,099 shares of the company's stock in a transaction on Monday, December 30th. The stock was sold at an average price of $1.11, for a total transaction of $240,979.89. Following the sale, the insider now directly owns 998,170 shares of the company's stock, valued at approximately $1,107,968.70. This represents a 17.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 30.00% of the company's stock.

Hedge Funds Weigh In On TMC the metals

A number of institutional investors have recently made changes to their positions in the business. Gray Wealth Management Inc. boosted its stake in TMC the metals by 59.7% during the 4th quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock valued at $27,000 after purchasing an additional 8,863 shares during the period. Oppenheimer & Co. Inc. bought a new stake in shares of TMC the metals in the fourth quarter valued at approximately $28,000. Raymond James Financial Inc. acquired a new stake in shares of TMC the metals in the fourth quarter worth $28,000. Independent Advisor Alliance bought a new position in TMC the metals during the fourth quarter worth $42,000. Finally, Virtu Financial LLC acquired a new position in TMC the metals during the 3rd quarter valued at $44,000. 4.39% of the stock is currently owned by institutional investors.

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.