TMC the metals (NASDAQ:TMC) Stock Price Up 12.3% – Here’s Why

TMC the metals company Inc. (NASDAQ:TMC) was up 12.3% during trading on Thursday . The company traded as high as $1.68 and last traded at $1.66. Approximately 1,918,731 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 3,813,074 shares. The stock had previously closed at $1.48.

Analysts Set New Price Targets

Separately, Alliance Global Partners began coverage on shares of TMC the metals in a report on Wednesday, January 15th. They set a “buy” rating and a $3.75 price objective for the company.

TMC the metals Stock Down 1.2 %

The firm has a 50 day moving average of $1.10 and a 200-day moving average of $1.05. The company has a market cap of $528.54 million, a P/E ratio of -5.26 and a beta of 1.49.

Insider Transactions at TMC the metals

In other TMC the metals news, CFO Craig Shesky sold 47,523 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $0.85, for a total transaction of $40,394.55. Following the sale, the chief financial officer now owns 977,844 shares of the company’s stock, valued at approximately $831,167.40. This trade represents a 4.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Erika Ilves sold 217,099 shares of the business’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $1.11, for a total value 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 approximately $1,107,968.70. The trade was a 17.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 330,622 shares of company stock valued at $342,754. 30.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On TMC the metals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC bought a new stake in shares of TMC the metals in the 3rd quarter valued at about $44,000. Tidal Investments LLC lifted its position in TMC the metals by 32.6% during the third quarter. Tidal Investments LLC now owns 485,332 shares of the company’s stock valued at $514,000 after acquiring an additional 119,335 shares during the last quarter. Finally, Old West Investment Management LLC boosted its stake in TMC the metals by 100.0% in the third 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. Hedge funds and other 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.