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

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares gapped up prior to trading 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 traded.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TMC. Wedbush raised TMC the metals from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $6.00 to $11.00 in a report on Wednesday, June 25th. HC Wainwright started coverage on TMC the metals in a report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 target price for the company.

TMC the metals Stock Down 4.1%

The company has a market cap of $2.38 billion, a price-to-earnings ratio of -28.56 and a beta of 1.57. The firm has a 50 day moving average price of $5.02 and a two-hundred day moving average price of $2.94.

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

Insider Activity at TMC the metals

In other TMC the metals news, insider Anthony O'sullivan sold 164,317 shares of the 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 transaction, the insider owned 1,125,667 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Brendan May sold 44,204 shares of the firm'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 completion of the transaction, the director owned 197,586 shares in the company, valued at $1,458,184.68. This represents a 18.28% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 233,521 shares of company stock worth $1,259,009. Corporate insiders own 28.50% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TMC. Raymond James Financial Inc. purchased a new stake in TMC the metals in the fourth quarter worth $28,000. Independent Advisor Alliance purchased a new stake in TMC the metals in the fourth quarter worth $42,000. Gray Wealth Management Inc. increased its position in TMC the metals by 59.7% in the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock worth $27,000 after buying an additional 8,863 shares during the last quarter. Prudential Financial Inc. purchased a new stake in TMC the metals in the fourth quarter worth $47,000. Finally, Old West Investment Management LLC grew its position in shares of TMC the metals by 168.0% in the fourth quarter. Old West Investment Management LLC now owns 2,135,038 shares of the company's stock valued at $2,391,000 after purchasing an additional 1,338,423 shares in the last quarter. 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.