TMC the metals (NASDAQ:TMC) Shares Gap Up - Should You Buy?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $5.44, but opened at $6.07. TMC the metals shares last traded at $7.19, with a volume of 12,999,138 shares trading hands.

Analysts Set New Price Targets

Several analysts have issued reports on TMC shares. HC Wainwright started coverage on TMC the metals in a research note on Tuesday, May 20th. They set a "buy" rating and a $5.50 price objective on the stock. Wedbush restated a "neutral" rating and set a $6.00 price objective on shares of TMC the metals in a research note on Friday, May 16th.

TMC the metals Trading Up 24.1%

The business has a 50-day moving average price of $3.70 and a two-hundred day moving average price of $2.25. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of -29.35 and a beta of 1.46.

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

Insider Transactions at TMC the metals

In related news, insider Anthony O'sullivan sold 164,317 shares of the firm'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 sale, the insider now directly owns 1,125,667 shares in the company, valued at $5,054,244.83. This trade represents a 12.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Craig Shesky sold 353,702 shares of the firm's 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 28.50% of the company's stock.

Institutional Trading of TMC the metals

Large investors have recently added to or reduced their stakes in the business. Allworth Financial LP increased 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 purchasing an additional 4,796 shares during the period. Sprott Inc. acquired a new position in shares of TMC the metals during the 1st quarter valued at $26,000. Gray Wealth Management Inc. increased its position 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 purchasing an additional 8,863 shares during the period. Oppenheimer & Co. Inc. acquired a new position in shares of TMC the metals during the 4th quarter valued at $28,000. Finally, Raymond James Financial Inc. bought a new stake in shares of TMC the metals during the 4th quarter worth $28,000. 4.39% of the stock is currently 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.