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

Key Points

• TMC the metals company shares gapped up from $5.87 to $6.69 before opening on Monday, with trading volume at over 10 million shares.
• Analysts have raised TMC's price target significantly, with Wedbush increasing it from $6.00 to $11.00 and maintaining an "outperform" rating.
• Insider transactions have seen significant share sales, with Director Brendan May selling 44,204 shares, representing an 18.28% decrease in ownership.

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $5.87, but opened at $6.69. TMC the metals shares last traded at $5.79, with a volume of 10,416,391 shares traded.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TMC. HC Wainwright raised their price target on TMC the metals from $5.50 to $7.25 and gave the stock a "buy" rating in a research report on Wednesday. Wedbush raised TMC the metals from a "neutral" rating to an "outperform" rating and increased their price target for the company from $6.00 to $11.00 in a research report on Wednesday, June 25th.

TMC the metals Trading Up 1.2%

The stock has a market cap of $2.02 billion, a price-to-earnings ratio of -24.41 and a beta of 1.59. The stock's 50-day simple moving average is $6.17 and its 200-day simple moving average is $3.68.

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

Insider Activity at TMC the metals

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 sale, the insider directly owned 1,125,667 shares in the company, valued at $5,054,244.83. This represents a 12.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Brendan May sold 44,204 shares of TMC the metals stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $7.38, for a total transaction of $326,225.52. Following the transaction, the director directly owned 197,586 shares of the company's stock, valued at $1,458,184.68. This represents a 18.28% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 233,521 shares of company stock worth $1,259,009. 27.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On TMC the metals

A number of institutional investors and hedge funds have recently modified their holdings of the business. Wolverine Asset Management LLC increased its stake in TMC the metals by 752.6% during the 2nd quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company's stock valued at $33,000 after purchasing an additional 4,365 shares in the last quarter. KBC Group NV acquired a new position in shares of TMC the metals during the second quarter valued at about $37,000. Corundum Group Inc. acquired a new position in shares of TMC the metals during the second quarter valued at about $69,000. American Institute for Advanced Investment Management LLP bought a new stake in shares of TMC the metals during the second quarter worth about $86,000. Finally, Arkadios Wealth Advisors bought a new position in TMC the metals in the 2nd quarter valued at about $89,000. 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.