TMC the metals (NASDAQ:TMC) Shares Gap Up After Strong Earnings

Shares of TMC the metals company Inc. (NASDAQ:TMC) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $1.70, but opened at $1.98. TMC the metals shares last traded at $1.97, with a volume of 3,568,765 shares trading hands.

The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. The business had revenue of ($20.18) million during the quarter.

Analyst Ratings Changes

TMC has been the subject of several analyst reports. Alliance Global Partners started coverage on TMC the metals in a research note on Wednesday, January 15th. They issued a “buy” rating and a $3.75 price objective for the company. Wedbush reissued a “neutral” rating and set a $4.00 price target on shares of TMC the metals in a research report on Friday.

Insider Buying and Selling

In related news, insider Erika Ilves sold 217,099 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $1.11, for a total value of $240,979.89. Following the sale, the insider now directly owns 998,170 shares in the company, valued at approximately $1,107,968.70. The trade was a 17.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 30.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On TMC the metals

Large investors have recently modified their holdings of the business. Oppenheimer & Co. Inc. purchased a new position in TMC the metals during the fourth quarter valued at approximately $28,000. Tidal Investments LLC increased its holdings in shares of TMC the metals by 32.6% in the third quarter. Tidal Investments LLC now owns 485,332 shares of the company’s stock worth $514,000 after purchasing an additional 119,335 shares during the period. Virtu Financial LLC bought a new stake in TMC the metals during the third quarter valued at $44,000. SBI Securities Co. Ltd. purchased a new position in TMC the metals during the fourth quarter worth about $94,000. Finally, Independent Advisor Alliance purchased a new stake in shares of TMC the metals in the 4th quarter valued at $42,000. Hedge funds and other institutional investors own 4.39% of the company’s stock.

TMC the metals Stock Performance

The business has a 50 day moving average price of $1.78 and a two-hundred day moving average price of $1.26. The company has a market cap of $643.66 million, a P/E ratio of -6.40 and a beta of 1.52.

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.