TMC the metals (NASDAQ:TMC) Shares Gap Up – Here’s Why

TMC the metals company Inc. (NASDAQ:TMC) shares gapped up prior to trading on Thursday . The stock had previously closed at $7.49, but opened at $7.88. TMC the metals shares last traded at $7.37, with a volume of 4,527,223 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. HC Wainwright assumed coverage on TMC the metals in a report on Tuesday, May 20th. They issued a “buy” rating and a $5.50 target price on the stock. Wedbush upgraded TMC the metals from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $6.00 to $11.00 in a report on Wednesday.

TMC the metals Price Performance

The business has a fifty day moving average of $4.29 and a 200 day moving average of $2.54. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of -29.61 and a beta of 1.46.

TMC the metals (NASDAQ:TMC) last released its quarterly earnings data 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 expect that TMC the metals company Inc. will post -0.22 EPS for the current year.

Insider Activity

In related news, Director Brendan May sold 25,000 shares of TMC the metals stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $7.80, for a total value of $195,000.00. Following the completion of the sale, the director now directly owns 241,790 shares in the company, valued at $1,885,962. This trade represents a 9.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Craig Shesky sold 353,702 shares of TMC the metals stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $1.66, for a total value of $587,145.32. Following the completion of the sale, the chief financial officer now owns 1,145,717 shares of the company’s stock, valued at approximately $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. Over the last three months, insiders sold 587,223 shares of company stock valued at $1,846,154. 28.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On TMC the metals

Institutional investors have recently modified their holdings of the business. Tidal Investments LLC increased its position in shares of TMC the metals by 11.9% during the 4th quarter. Tidal Investments LLC now owns 542,938 shares of the company’s stock worth $608,000 after purchasing an additional 57,606 shares during the last quarter. Parallel Advisors LLC acquired a new position in shares of TMC the metals during the 1st quarter worth approximately $61,000. First Manhattan CO. LLC. increased its holdings in shares of TMC the metals by 115.2% during the 4th quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company’s stock worth $20,974,000 after acquiring an additional 10,025,000 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of TMC the metals during the 4th quarter worth approximately $28,000. Finally, Prudential Financial Inc. acquired a new position in shares of TMC the metals during the 4th quarter worth approximately $47,000. Institutional investors 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.