TMC the metals (NASDAQ:TMC) Sees Unusually-High Trading Volume - Here's What Happened

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares saw strong trading volume on Wednesday . 6,555,012 shares changed hands during trading, an increase of 103% from the previous session's volume of 3,236,815 shares.The stock last traded at $4.76 and had previously closed at $4.69.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. HC Wainwright initiated coverage on shares of TMC the metals in a research report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 price target on the stock. Wedbush reiterated a "neutral" rating and issued a $6.00 target price on shares of TMC the metals in a report on Friday, May 16th.

TMC the metals Price Performance

The business has a 50 day moving average price of $2.95 and a 200 day moving average price of $1.92. The firm has a market capitalization of $1.63 billion, a P/E ratio of -14.48 and a beta of 1.33.

TMC the metals (NASDAQ:TMC - Get Free Report) last posted 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). As a group, equities analysts expect that TMC the metals company Inc. will post -0.22 EPS for the current year.

Insider Transactions at TMC the metals

In other news, insider Anthony O'sullivan sold 164,317 shares of TMC the metals stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $4.49, for a total value of $737,783.33. Following the transaction, the insider now directly owns 1,125,667 shares in the company, valued at approximately $5,054,244.83. The trade was a 12.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible 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 completion of the transaction, the chief financial officer now owns 1,145,717 shares in the company, valued at $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. 28.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On TMC the metals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP increased its stake in TMC the metals by 48.0% during the first 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. bought a new position in TMC the metals during the first quarter valued at about $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 valued at $27,000 after acquiring an additional 8,863 shares during the period. Oppenheimer & Co. Inc. bought a new position in TMC the metals during the fourth quarter valued at about $28,000. Finally, Raymond James Financial Inc. bought a new position in TMC the metals during the fourth 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.