TMC the metals (NASDAQ:TMC) Shares Gap Up – Time to Buy?

TMC the metals company Inc. (NASDAQ:TMC) shares gapped up before the market opened on Friday . The stock had previously closed at $1.57, but opened at $1.79. TMC the metals shares last traded at $1.66, with a volume of 5,063,555 shares changing hands.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners began coverage on TMC the metals in a research report on Wednesday. They set a “buy” rating and a $3.75 price target for the company.

TMC the metals Stock Up 4.8 %

The stock has a 50-day simple moving average of $0.96 and a 200-day simple moving average of $1.04. The firm has a market capitalization of $533.41 million, a PE ratio of -5.31 and a beta of 1.49.

Insiders Place Their Bets

In other news, insider Erika Ilves sold 217,099 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $1.11, for a total value of $240,979.89. Following the completion of the transaction, the insider now directly owns 998,170 shares of the company’s stock, valued at $1,107,968.70. This trade represents a 17.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Craig Shesky sold 47,523 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $0.85, for a total value of $40,394.55. Following the completion of the transaction, the chief financial officer now directly owns 977,844 shares of the company’s stock, valued at $831,167.40. The trade was a 4.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 330,622 shares of company stock valued at $342,754 over the last ninety days. 30.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On TMC the metals

Large investors have recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in TMC the metals during the third quarter valued at $44,000. Tidal Investments LLC lifted its stake in TMC the metals by 32.6% during 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 last quarter. Finally, Old West Investment Management LLC lifted its stake in TMC the metals by 100.0% during the third quarter. Old West Investment Management LLC now owns 1,593,230 shares of the company’s stock worth $1,689,000 after purchasing an additional 796,615 shares during the last quarter. 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.