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

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $6.38, but opened at $6.66. TMC the metals shares last traded at $7.18, with a volume of 7,373,845 shares traded.

Analyst Upgrades and Downgrades

TMC has been the subject of a number of analyst reports. Wedbush upgraded TMC the metals from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $6.00 to $11.00 in a research report on Wednesday, June 25th. HC Wainwright initiated coverage on shares of TMC the metals in a report on Tuesday, May 20th. They set a "buy" rating and a $5.50 price target for the company.

TMC the metals Stock Up 11.9%

The firm's 50 day simple moving average is $4.60 and its 200 day simple moving average is $2.70. The company has a market cap of $2.59 billion, a price-to-earnings ratio of -31.04 and a beta of 1.57.

TMC the metals (NASDAQ:TMC - Get Free Report) last posted 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). Analysts anticipate that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

Insider Buying and Selling at TMC the metals

In other news, insider Anthony O'sullivan sold 164,317 shares of TMC the metals stock in a transaction that occurred 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 transaction, the insider owned 1,125,667 shares of the company's stock, valued at $5,054,244.83. The trade was a 12.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Brendan May sold 44,204 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 197,586 shares of the company's stock, valued at $1,458,184.68. The trade was a 18.28% decrease in their ownership of the stock. 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. 28.50% of the stock is owned by insiders.

Institutional Investors Weigh In On TMC the metals

Several large investors have recently modified their holdings of TMC. Allworth Financial LP boosted its holdings in shares of TMC the metals by 48.0% in the first quarter. Allworth Financial LP now owns 14,796 shares of the company's stock worth $25,000 after buying an additional 4,796 shares during the period. Gray Wealth Management Inc. lifted its position 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 valued at $27,000 after acquiring an additional 8,863 shares in the last quarter. Sprott Inc. purchased a new stake in shares of TMC the metals in the 1st quarter valued at approximately $26,000. Independent Advisor Alliance boosted its stake in 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 purchasing an additional 20,000 shares during the period. Finally, Oppenheimer & Co. Inc. purchased a new position in TMC the metals during the 4th quarter worth approximately $28,000. 4.39% of the stock is 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.