TMC the metals (NASDAQ:TMC) Sees Large Volume Increase - Time to Buy?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 1,693,616 shares were traded during mid-day trading, a decline of 34% from the previous session's volume of 2,557,476 shares.The stock last traded at $3.38 and had previously closed at $3.31.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TMC. Alliance Global Partners began coverage on shares of TMC the metals in a research note on Wednesday, January 15th. They set a "buy" rating and a $3.75 price target on the stock. Wedbush reaffirmed a "neutral" rating and issued a $4.00 price target on shares of TMC the metals in a report on Friday, March 28th.

TMC the metals Price Performance

The firm has a market capitalization of $1.04 billion, a P/E ratio of -9.61 and a beta of 1.46. The stock's fifty day simple moving average is $2.13 and its 200 day simple moving average is $1.53.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued its quarterly earnings results on Thursday, March 27th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. The firm had revenue of ($20.18) million for the quarter. As a group, sell-side analysts forecast that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, 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 directly owns 1,145,717 shares in the company, valued at approximately $1,901,890.22. The trade was a 23.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 30.00% of the stock is currently owned by insiders.

Institutional Trading of TMC the metals

Several large investors have recently made changes to their positions in TMC. Allworth Financial LP raised its holdings in TMC the metals by 48.0% in 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 last quarter. Gray Wealth Management Inc. grew its holdings in shares of TMC the metals by 59.7% in the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock valued at $27,000 after purchasing an additional 8,863 shares during the period. Raymond James Financial Inc. acquired a new stake in TMC the metals during the fourth quarter worth about $28,000. Oppenheimer & Co. Inc. purchased a new stake in shares of TMC the metals in the 4th quarter valued at approximately $28,000. Finally, Independent Advisor Alliance purchased a new stake in shares of TMC the metals during the 4th quarter valued at approximately $42,000. 4.39% of the stock is currently owned by hedge funds and other institutional investors.

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.