TMC the metals (NASDAQ:TMC) Trading Up 24.1% - Here's What Happened

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) was up 24.1% during mid-day trading on Thursday . The company traded as high as $7.30 and last traded at $6.75. Approximately 46,971,837 shares changed hands during mid-day trading, an increase of 1,118% from the average daily volume of 3,855,062 shares. The stock had previously closed at $5.44.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on TMC shares. Wedbush reaffirmed a "neutral" rating and issued a $6.00 price target on shares of TMC the metals in a report on Friday, May 16th. HC Wainwright started coverage on shares of TMC the metals in a report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 price target for the company.

TMC the metals Price Performance

The stock's fifty day simple moving average is $3.89 and its 200-day simple moving average is $2.34. The firm has a market cap of $2.38 billion, a PE ratio of -28.52 and a beta of 1.46.

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

Insider Buying and Selling

In related news, insider Anthony O'sullivan sold 164,317 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total transaction of $737,783.33. Following the completion of the transaction, the insider now owns 1,125,667 shares of the company's stock, valued at $5,054,244.83. This trade represents a 12.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Craig Shesky sold 353,702 shares of the firm's 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 sale, the chief financial officer now owns 1,145,717 shares in the company, valued at approximately $1,901,890.22. This represents a 23.59% decrease in their position. The disclosure for this sale can be found here. 28.50% of the stock is currently owned by corporate insiders.

Institutional Trading of TMC the metals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TMC. Oppenheimer & Co. Inc. acquired a new stake in TMC the metals during the fourth quarter valued at $28,000. SBI Securities Co. Ltd. acquired a new stake in TMC the metals during the fourth quarter valued at $94,000. Raymond James Financial Inc. acquired a new stake in TMC the metals during the fourth quarter valued at $28,000. Independent Advisor Alliance acquired a new stake in TMC the metals during the fourth quarter valued at $42,000. Finally, Gray Wealth Management Inc. grew its position in TMC the metals by 59.7% during the fourth 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 period. Institutional investors and hedge funds 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.