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

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $6.27, but opened at $6.75. TMC the metals shares last traded at $6.85, with a volume of 6,333,511 shares.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TMC. Wedbush upgraded 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, June 25th. HC Wainwright began coverage on TMC the metals in a research note on Tuesday, May 20th. They issued a "buy" rating and a $5.50 target price on the stock.

TMC the metals Price Performance

The firm has a 50-day moving average of $4.95 and a 200 day moving average of $2.90. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of -29.78 and a beta of 1.57.

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 (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). On average, equities analysts forecast that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling at TMC the metals

In other TMC the metals news, insider Anthony O'sullivan sold 164,317 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total value of $737,783.33. Following the completion of the sale, the insider directly owned 1,125,667 shares in the company, valued at approximately $5,054,244.83. This trade represents a 12.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Brendan May sold 44,204 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $7.38, for a total value of $326,225.52. Following the sale, the director owned 197,586 shares of the company's stock, valued at approximately $1,458,184.68. This represents a 18.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 233,521 shares of company stock valued at $1,259,009 over the last ninety days. Insiders own 28.50% of the company's stock.

Institutional Trading of TMC the metals

Several institutional investors and hedge funds have recently modified their holdings of the stock. Allworth Financial LP increased its stake 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 buying an additional 4,796 shares during the last quarter. Sprott Inc. purchased a new stake in shares of TMC the metals during the first quarter valued at approximately $26,000. Gray Wealth Management Inc. lifted its holdings in TMC the metals by 59.7% during the fourth 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 during the period. Raymond James Financial Inc. purchased a new position in TMC the metals in the fourth quarter worth $28,000. Finally, Independent Advisor Alliance bought a new position in TMC the metals in the 4th quarter valued at $42,000. 4.39% of the stock is owned by hedge funds and other 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.