TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shot up 3% during mid-day trading on Friday . The stock traded as high as $7.40 and last traded at $6.95. 11,395,338 shares traded hands during trading, an increase of 193% from the average session volume of 3,887,053 shares. The stock had previously closed at $6.75.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the company. HC Wainwright assumed coverage on TMC the metals in a report on Tuesday, May 20th. They issued a "buy" rating and a $5.50 price objective on the stock. Wedbush reissued a "neutral" rating and issued a $6.00 price target on shares of TMC the metals in a report on Friday, May 16th.
Check Out Our Latest Report on TMC
TMC the metals Trading Up 0.7%
The stock's 50 day moving average price is $3.80 and its two-hundred day moving average price is $2.29. The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of -29.58 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 for the quarter, missing the consensus estimate of ($0.03) by ($0.03). On average, sell-side analysts forecast 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 shares were sold at an average price of $4.49, for a total value of $737,783.33. Following the sale, the insider now directly owns 1,125,667 shares of the company's stock, valued at approximately $5,054,244.83. This represents a 12.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Craig Shesky sold 353,702 shares of TMC the metals stock in a transaction dated 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 approximately $1,901,890.22. The trade was 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 company insiders.
Institutional Investors Weigh In On TMC the metals
Institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP increased its position in TMC the metals by 48.0% during 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 in the last quarter. Sprott Inc. purchased a new position in shares of TMC the metals during the 1st quarter worth $26,000. Gray Wealth Management Inc. boosted its holdings in shares of TMC the metals by 59.7% during the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock worth $27,000 after purchasing an additional 8,863 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in shares of TMC the metals in the fourth quarter valued at $28,000. Finally, Raymond James Financial Inc. purchased a new position in TMC the metals during the fourth quarter worth about $28,000. Hedge funds and other institutional investors own 4.39% of the company's stock.
About TMC the metals
(
Get Free Report)
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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