TMC the metals (NASDAQ:TMC) Shares Gap Up - Here's Why

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $3.05, but opened at $3.28. TMC the metals shares last traded at $3.56, with a volume of 4,885,860 shares changing hands.

Analyst Upgrades and Downgrades

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

TMC the metals Stock Up 11.2 %

The company has a 50 day simple moving average of $2.03 and a two-hundred day simple moving average of $1.46. The company has a market capitalization of $1.18 billion, a P/E ratio of -10.85 and a beta of 1.46.

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

Insider Activity

In related news, CFO Craig Shesky sold 353,702 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $1.66, for a total value of $587,145.32. Following the transaction, the chief financial officer now owns 1,145,717 shares in the company, valued at approximately $1,901,890.22. This represents a 23.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 30.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TMC. Gray Wealth Management Inc. raised its stake in shares of TMC the metals by 59.7% during the 4th quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock valued at $27,000 after buying an additional 8,863 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in TMC the metals in the 4th quarter worth approximately $28,000. Oppenheimer & Co. Inc. acquired a new stake in shares of TMC the metals during the 4th quarter worth approximately $28,000. Independent Advisor Alliance purchased a new position in shares of TMC the metals during the 4th quarter valued at approximately $42,000. Finally, Virtu Financial LLC purchased a new stake in shares of TMC the metals during the 3rd quarter worth about $44,000. 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.

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