TMC the metals (NASDAQ:TMC) Shares Up 4.2% - Here's What Happened

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares rose 4.2% during trading on Monday . The stock traded as high as $3.09 and last traded at $3.11. Approximately 4,333,026 shares changed hands during mid-day trading, an increase of 61% from the average daily volume of 2,690,965 shares. The stock had previously closed at $2.98.

Analyst Ratings Changes

A number of equities analysts have issued reports on TMC shares. Alliance Global Partners initiated coverage on TMC the metals in a report on Wednesday, January 15th. They set a "buy" rating and a $3.75 target price for the company. Wedbush reiterated a "neutral" rating and set a $4.00 price objective on shares of TMC the metals in a report on Friday, March 28th.

TMC the metals Stock Up 2.3 %

The company's fifty day moving average is $2.27 and its 200 day moving average is $1.60. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of -10.03 and a beta of 1.33.

TMC the metals (NASDAQ:TMC - Get Free Report) last released its earnings results on Thursday, March 27th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. The company had revenue of ($20.18) million during the quarter. On average, equities research analysts forecast that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

Insider Transactions at TMC the metals

In other TMC the metals news, CFO Craig Shesky sold 353,702 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $1.66, for a total transaction of $587,145.32. Following the transaction, the chief financial officer now owns 1,145,717 shares of the company's stock, valued at $1,901,890.22. The trade was a 23.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 30.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allworth Financial LP increased 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 valued at $25,000 after purchasing an additional 4,796 shares during the last quarter. Gray Wealth Management Inc. grew its stake in 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 buying an additional 8,863 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in TMC the metals in the 4th quarter valued at about $28,000. Raymond James Financial Inc. acquired a new stake in TMC the metals during the fourth quarter worth approximately $28,000. Finally, Foster Dykema Cabot & Partners LLC bought a new stake in shares of TMC the metals during the first quarter worth approximately $44,000. 4.39% of the stock is currently 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.