TMC the metals (NASDAQ:TMC) Trading 4.6% Higher - Here's Why

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) rose 4.6% during trading on Thursday . The company traded as high as $4.58 and last traded at $4.54. Approximately 2,093,754 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 6,392,539 shares. The stock had previously closed at $4.34.

Analyst Upgrades and Downgrades

TMC has been the topic of a number of research reports. Wedbush reiterated 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 initiated coverage on shares of TMC the metals in a report on Tuesday, May 20th. They set a "buy" rating and a $5.50 price target on the stock.

TMC the metals Price Performance

The stock's fifty day moving average price is $3.45 and its 200-day moving average price is $2.17. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of -14.00 and a beta of 1.46.

TMC the metals (NASDAQ:TMC - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.03). As a group, equities research analysts predict that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

Insider Activity at TMC the metals

In related news, insider Anthony O'sullivan sold 164,317 shares of the business's stock in a transaction that occurred 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 transaction, the insider now directly owns 1,125,667 shares of the company's stock, valued at approximately $5,054,244.83. The trade was a 12.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Craig Shesky sold 353,702 shares of the business's stock in a transaction that occurred 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 directly owns 1,145,717 shares in the company, valued at $1,901,890.22. The trade was 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 insiders.

Institutional Trading of TMC the metals

Large investors have recently added to or reduced their stakes in the business. Tidal Investments LLC grew its position in TMC the metals by 11.9% in the fourth quarter. Tidal Investments LLC now owns 542,938 shares of the company's stock worth $608,000 after acquiring an additional 57,606 shares in the last quarter. Parallel Advisors LLC bought a new stake in TMC the metals in the first quarter worth approximately $61,000. First Manhattan CO. LLC. grew its position in TMC the metals by 115.2% in the fourth quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock worth $20,974,000 after acquiring an additional 10,025,000 shares in the last quarter. Raymond James Financial Inc. bought a new stake in TMC the metals in the fourth quarter worth approximately $28,000. Finally, Prudential Financial Inc. bought a new stake in shares of TMC the metals during the 4th quarter worth $47,000. 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.