TMC the metals (NASDAQ:TMC) Shares Gap Up – What’s Next?

TMC the metals company Inc. (NASDAQ:TMC)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $1.45, but opened at $1.52. TMC the metals shares last traded at $1.57, with a volume of 887,711 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners assumed coverage on shares of TMC the metals in a research note on Wednesday, January 15th. They set a “buy” rating and a $3.75 price objective on the stock.

TMC the metals Trading Up 6.9 %

The company has a 50 day moving average of $1.04 and a 200 day moving average of $1.04. The firm has a market cap of $502.60 million, a price-to-earnings ratio of -5.00 and a beta of 1.49.

Insider Transactions at TMC the metals

In other news, insider Erika Ilves sold 217,099 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $1.11, for a total transaction of $240,979.89. Following the completion of the transaction, the insider now directly owns 998,170 shares of the company’s stock, valued at $1,107,968.70. This represents a 17.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Craig Shesky sold 47,523 shares of the stock in a transaction dated Wednesday, November 27th. The stock was 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 approximately $831,167.40. The trade was a 4.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 330,622 shares of company stock valued at $342,754 over the last 90 days. 30.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On TMC the metals

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Old West Investment Management LLC raised its holdings in TMC the metals by 100.0% in the 3rd quarter. Old West Investment Management LLC now owns 1,593,230 shares of the company’s stock valued at $1,689,000 after acquiring an additional 796,615 shares in the last quarter. Tidal Investments LLC grew its stake in shares of TMC the metals by 32.6% in the third quarter. Tidal Investments LLC now owns 485,332 shares of the company’s stock worth $514,000 after purchasing an additional 119,335 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of TMC the metals in the 3rd quarter valued at about $44,000. 4.39% of the stock is owned by institutional investors.

About TMC the metals

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.