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

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on TMC shares. Wedbush restated a "neutral" rating and set a $4.00 price objective on shares of TMC the metals in a report on Friday, March 28th. Alliance Global Partners assumed coverage on shares of TMC the metals in a report on Wednesday, January 15th. They set a "buy" rating and a $3.75 target price on the stock.

TMC the metals Trading Up 4.1 %

The firm has a 50-day moving average of $2.21 and a 200 day moving average of $1.57. The company has a market cap of $1.05 billion, a P/E ratio of -9.77 and a beta of 1.33.

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

Insider Activity

In other news, CFO Craig Shesky sold 353,702 shares of TMC the metals stock in a transaction on Tuesday, April 1st. The shares were 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 in the company, valued at $1,901,890.22. This trade represents a 23.59 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 30.00% of the company's stock.

Institutional Investors Weigh In On TMC the metals

Several institutional investors have recently modified their holdings of the stock. Allworth Financial LP increased its holdings in shares of TMC the metals by 48.0% during the first quarter. Allworth Financial LP now owns 14,796 shares of the company's stock valued at $25,000 after acquiring an additional 4,796 shares in the last quarter. Gray Wealth Management Inc. raised 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 valued at $27,000 after purchasing an additional 8,863 shares during the period. Oppenheimer & Co. Inc. acquired a new position in shares of TMC the metals during the fourth quarter worth $28,000. Raymond James Financial Inc. purchased a new stake in shares of TMC the metals during the 4th quarter worth approximately $28,000. Finally, Concurrent Investment Advisors LLC acquired a new stake in shares of TMC the metals in the 1st quarter valued at about $58,000. 4.39% of the stock is owned by institutional investors.

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.