TMC the metals (NASDAQ:TMC) Shares Gap Up - Time to Buy?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $7.49, but opened at $7.88. TMC the metals shares last traded at $7.37, with a volume of 4,527,223 shares.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on TMC shares. Wedbush raised shares of TMC the metals from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $6.00 to $11.00 in a research report on Wednesday. HC Wainwright began coverage on shares of 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.

TMC the metals Stock Down 5.2%

The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of -29.61 and a beta of 1.46. The business's 50 day simple moving average is $4.29 and its 200-day simple moving average is $2.54.

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

Insiders Place Their Bets

In related news, Director Brendan May sold 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $7.80, for a total value of $195,000.00. Following the completion of the transaction, the director now owns 241,790 shares in the company, valued at $1,885,962. This trade represents a 9.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $737,783.33. Following the transaction, the insider now owns 1,125,667 shares of the company's stock, valued at approximately $5,054,244.83. The trade was a 12.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 587,223 shares of company stock worth $1,846,154 over the last ninety days. Corporate insiders own 28.50% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP raised its holdings in TMC the metals by 48.0% during the 1st quarter. Allworth Financial LP now owns 14,796 shares of the company's stock worth $25,000 after purchasing an additional 4,796 shares during the last quarter. Gray Wealth Management Inc. grew its stake in shares of TMC the metals by 59.7% in the 4th quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock worth $27,000 after acquiring an additional 8,863 shares in the last quarter. Sprott Inc. bought a new stake in shares of TMC the metals in the 1st quarter worth $26,000. Independent Advisor Alliance grew its stake in shares of TMC the metals by 53.1% in the 1st quarter. Independent Advisor Alliance now owns 57,665 shares of the company's stock worth $99,000 after acquiring an additional 20,000 shares in the last quarter. Finally, Oppenheimer & Co. Inc. bought a new stake in shares of TMC the metals in the 4th quarter worth $28,000. Institutional investors own 4.39% of the company's stock.

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.