TMC the metals (NASDAQ:TMC) Trading 12.3% Higher – What’s Next?

TMC the metals company Inc. (NASDAQ:TMC)’s stock price traded up 12.3% on Thursday . The company traded as high as $1.68 and last traded at $1.66. Approximately 1,918,731 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 3,813,074 shares. The stock had previously closed at $1.48.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners assumed coverage on shares of TMC the metals in a research note on Wednesday, January 15th. They issued a “buy” rating and a $3.75 target price on the stock.

TMC the metals Trading Up 11.5 %

The stock has a fifty day moving average of $1.07 and a two-hundred day moving average of $1.05. The stock has a market capitalization of $535.03 million, a price-to-earnings ratio of -5.32 and a beta of 1.49.

Insider Activity

In other news, Director Andrew Hall sold 66,000 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $0.93, for a total transaction of $61,380.00. Following the completion of the transaction, the director now directly owns 182,966 shares in the company, valued at approximately $170,158.38. The trade was a 26.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Erika Ilves sold 217,099 shares of the stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $1.11, for a total transaction of $240,979.89. Following the completion of the sale, the insider now owns 998,170 shares in the company, valued at $1,107,968.70. This represents a 17.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 330,622 shares of company stock valued at $342,754. Company insiders own 30.00% of the company’s stock.

Hedge Funds Weigh In On TMC the metals

Several institutional investors and hedge funds have recently modified their holdings of the business. Virtu Financial LLC bought a new position in shares of TMC the metals during the third quarter worth about $44,000. Tidal Investments LLC grew its stake in shares of TMC the metals by 32.6% during the 3rd quarter. Tidal Investments LLC now owns 485,332 shares of the company’s stock worth $514,000 after acquiring an additional 119,335 shares in the last quarter. Finally, Old West Investment Management LLC raised its holdings in shares of TMC the metals by 100.0% in the third quarter. Old West Investment Management LLC now owns 1,593,230 shares of the company’s stock valued at $1,689,000 after purchasing an additional 796,615 shares during the last quarter. 4.39% of the stock is currently owned by institutional investors and hedge funds.

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.