TMC the metals (NASDAQ:TMC) Sees Strong Trading Volume – Here’s What Happened

Shares of TMC the metals company Inc. (NASDAQ:TMC) saw unusually-strong trading volume on Thursday . Approximately 7,960,644 shares changed hands during trading, an increase of 174% from the previous session’s volume of 2,910,017 shares.The stock last traded at $1.55 and had previously closed at $1.30.

Analysts Set New Price Targets

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

TMC the metals Stock Up 1.3 %

The firm’s 50-day simple moving average is $0.97 and its 200 day simple moving average is $1.04. The stock has a market capitalization of $515.57 million, a P/E ratio of -5.13 and a beta of 1.49.

Insiders Place Their Bets

In other TMC the metals news, Director Andrew Hall sold 66,000 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $0.93, for a total transaction of $61,380.00. Following the sale, the director now owns 182,966 shares in the company, valued at approximately $170,158.38. The trade was a 26.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Craig Shesky sold 47,523 shares of the business’s 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 sale, the chief financial officer now owns 977,844 shares in the company, valued at approximately $831,167.40. The trade was a 4.63 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 330,622 shares of company stock worth $342,754. 30.00% of the stock is owned by corporate insiders.

Institutional Trading of TMC the metals

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Old West Investment Management LLC raised its holdings in TMC the metals by 100.0% during the 3rd quarter. Old West Investment Management LLC now owns 1,593,230 shares of the company’s stock worth $1,689,000 after buying an additional 796,615 shares during the period. Tidal Investments LLC grew its stake in TMC the metals by 32.6% during the 3rd 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 in the last quarter. Finally, Virtu Financial LLC purchased a new position in TMC the metals during the 3rd quarter valued at about $44,000. Institutional investors and hedge funds 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.