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

Key Points

• TMC the metals shares gapped up to $5.78 at market open, showing significant trading activity with over 3 million shares exchanged.
• Analysts have a Moderate Buy average rating with a price target of approximately $7.33, following upgrades from Zacks Research and Wedbush.
• Insider sales have been noted, with directors selling over 504,000 shares in the last three months, indicating potential shifts in ownership and confidence levels among top executives.

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $5.43, but opened at $5.78. TMC the metals shares last traded at $5.59, with a volume of 3,058,297 shares.

Analysts Set New Price Targets

TMC has been the topic of a number of analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $7.25 price objective on shares of TMC the metals in a report on Monday, August 18th. Wedbush raised shares of TMC the metals from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $6.00 to $11.00 in a report on Wednesday, June 25th. Finally, Zacks Research raised shares of TMC the metals from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 19th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, TMC the metals presently has an average rating of "Moderate Buy" and an average target price of $7.33.

TMC the metals Stock Performance

The company's 50 day simple moving average is $5.86 and its 200 day simple moving average is $4.43. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of -15.65 and a beta of 1.64.

TMC the metals (NASDAQ:TMC - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.01). Sell-side analysts predict that TMC the metals company Inc. will post -0.22 EPS for the current year.

Insider Activity

In other news, Director Brendan May sold 44,204 shares of the firm's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $7.38, for a total transaction of $326,225.52. Following the completion of the transaction, the director owned 197,586 shares in the company, valued at approximately $1,458,184.68. This trade represents a 18.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Anthony O'sullivan sold 250,000 shares of the firm's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $5.25, for a total transaction of $1,312,500.00. Following the completion of the transaction, the insider owned 1,125,667 shares of the company's stock, valued at approximately $5,909,751.75. The trade was a 18.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 319,204 shares of company stock valued at $1,833,726. Insiders own 27.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Thomas J. Herzfeld Advisors Inc. boosted its holdings in shares of TMC the metals by 44.1% in the second quarter. Thomas J. Herzfeld Advisors Inc. now owns 12,911 shares of the company's stock worth $85,000 after buying an additional 3,952 shares during the period. Concurrent Investment Advisors LLC boosted its holdings in shares of TMC the metals by 11.9% during the second quarter. Concurrent Investment Advisors LLC now owns 37,868 shares of the company's stock worth $250,000 after purchasing an additional 4,023 shares during the period. NewEdge Advisors LLC acquired a new stake in shares of TMC the metals during the second quarter worth approximately $28,000. Wolverine Asset Management LLC boosted its holdings in shares of TMC the metals by 752.6% during the second quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company's stock worth $33,000 after purchasing an additional 4,365 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of TMC the metals by 10.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 47,163 shares of the company's stock worth $335,000 after purchasing an additional 4,482 shares during the period. 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.