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

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Wedbush restated a "neutral" rating and issued a $6.00 target price on shares of TMC the metals in a report on Friday, May 16th. HC Wainwright began coverage on TMC the metals in a research report on Tuesday, May 20th. They set a "buy" rating and a $5.50 price objective for the company.

TMC the metals Trading Up 24.1%

The company's 50 day moving average price is $3.70 and its two-hundred day moving average price is $2.25. The firm has a market cap of $2.44 billion, a PE ratio of -29.35 and a beta of 1.46.

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

Insider Activity at TMC the metals

In related news, insider Anthony O'sullivan sold 164,317 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $4.49, for a total transaction of $737,783.33. Following the completion of the sale, the insider now owns 1,125,667 shares in the company, valued at approximately $5,054,244.83. This trade represents a 12.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 value of $587,145.32. Following the completion of the transaction, the chief financial officer now directly owns 1,145,717 shares in the company, valued at approximately $1,901,890.22. This represents a 23.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. 28.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On TMC the metals

Several institutional investors and hedge funds have recently modified their holdings of TMC. Oppenheimer & Co. Inc. purchased a new position in TMC the metals during the fourth quarter valued at $28,000. SBI Securities Co. Ltd. purchased a new stake in shares of TMC the metals in the fourth quarter worth about $94,000. Raymond James Financial Inc. bought a new position in TMC the metals during the fourth quarter valued at approximately $28,000. Independent Advisor Alliance purchased a new position in TMC the metals during the 4th quarter valued at approximately $42,000. Finally, Gray Wealth Management Inc. increased 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 worth $27,000 after acquiring an additional 8,863 shares during the last quarter. Institutional investors own 4.39% of the company's stock.

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.

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