TMC the metals (NASDAQ:TMC) Sees Large Volume Increase - Here's What Happened

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares saw unusually-strong trading volume on Tuesday . Approximately 4,819,721 shares were traded during trading, an increase of 33% from the previous session's volume of 3,628,370 shares.The stock last traded at $5.57 and had previously closed at $5.59.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on TMC shares. Wedbush restated a "neutral" rating and set a $6.00 target price on shares of TMC the metals in a research report on Friday, May 16th. HC Wainwright started coverage on shares of TMC the metals in a report on Tuesday, May 20th. They set a "buy" rating and a $5.50 target price for the company.

TMC the metals Trading Down 2.3%

The company has a market cap of $1.98 billion, a price-to-earnings ratio of -17.72 and a beta of 1.46. The business has a fifty day moving average of $3.53 and a two-hundred day moving average of $2.20.

TMC the metals (NASDAQ:TMC - Get Free Report) last announced its earnings results on Wednesday, May 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). On average, research analysts forecast that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

Insider Activity

In related news, insider Anthony O'sullivan sold 164,317 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $4.49, for a total value of $737,783.33. Following the completion of the transaction, the insider now directly owns 1,125,667 shares of the company's stock, valued at $5,054,244.83. This represents a 12.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 sale, the chief financial officer now owns 1,145,717 shares in the company, valued at $1,901,890.22. This trade represents a 23.59% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 28.50% of the company's stock.

Institutional Investors Weigh In On TMC the metals

Several hedge funds have recently modified their holdings of TMC. Allworth Financial LP lifted its position in shares of TMC the metals by 48.0% during the 1st quarter. Allworth Financial LP now owns 14,796 shares of the company's stock valued at $25,000 after acquiring an additional 4,796 shares during the period. Sprott Inc. purchased a new position in shares of TMC the metals in the 1st quarter worth $26,000. Gray Wealth Management Inc. increased its stake in TMC the metals by 59.7% during the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock worth $27,000 after acquiring an additional 8,863 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of TMC the metals in the 4th quarter valued at $28,000. Finally, Oppenheimer & Co. Inc. acquired a new position in shares of TMC the metals during the fourth quarter worth $28,000. 4.39% of the stock is owned by institutional investors and hedge funds.

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.

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