TMC the metals (NASDAQ:TMC) Sees Large Volume Increase – Here’s Why

TMC the metals company Inc. (NASDAQ:TMC) saw unusually-high trading volume on Tuesday . Approximately 2,371,402 shares changed hands during mid-day trading, an increase of 42% from the previous session’s volume of 1,672,317 shares.The stock last traded at $1.67 and had previously closed at $1.72.

Analysts Set New Price Targets

Several research firms have recently issued reports on TMC. Wedbush reaffirmed a “neutral” rating and issued a $4.00 price objective on shares of TMC the metals in a research note on Friday. Alliance Global Partners began coverage on shares of TMC the metals in a research note on Wednesday, January 15th. They issued a “buy” rating and a $3.75 target price on the stock.

TMC the metals Price Performance

The firm has a market capitalization of $523.68 million, a PE ratio of -5.21 and a beta of 1.52. The stock’s 50-day moving average price is $1.78 and its 200 day moving average price is $1.27.

TMC the metals (NASDAQ:TMC) last posted its quarterly earnings results on Thursday, March 27th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The firm had revenue of ($20.18) million for the quarter. Equities research analysts forecast that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TMC the metals

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Virtu Financial LLC bought a new position in shares of TMC the metals during the 3rd quarter worth approximately $44,000. Tidal Investments LLC increased its position in shares of TMC the metals by 32.6% during 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 in the last quarter. Oppenheimer & Co. Inc. purchased a new stake in shares of TMC the metals during the 4th quarter valued at $28,000. SBI Securities Co. Ltd. purchased a new position in TMC the metals during the 4th quarter worth $94,000. Finally, Raymond James Financial Inc. acquired a new position in TMC the metals during the 4th quarter valued at about $28,000. 4.39% of the stock is currently 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.