TMC the metals (NASDAQ:TMC) Shares Up 8% – What’s Next?

Shares of TMC the metals company Inc. (NASDAQ:TMC) shot up 8% during mid-day trading on Wednesday . The company traded as high as $1.80 and last traded at $1.82. 638,540 shares were traded during mid-day trading, a decline of 62% from the average session volume of 1,693,454 shares. The stock had previously closed at $1.68.

Wall Street Analyst Weigh In

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

TMC the metals Stock Down 0.8 %

The company has a market capitalization of $614.48 million, a PE ratio of -6.10 and a beta of 1.52. The firm has a 50-day moving average of $1.59 and a two-hundred day moving average of $1.18.

Insider Buying and Selling at TMC the metals

In other TMC the metals news, insider Erika Ilves sold 217,099 shares of TMC the metals 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 completion of the transaction, the insider now directly owns 998,170 shares of the company’s stock, valued at $1,107,968.70. The trade was a 17.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 30.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On TMC the metals

Hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC raised its holdings in shares of TMC the metals by 32.6% in the 3rd quarter. Tidal Investments LLC now owns 485,332 shares of the company’s stock valued at $514,000 after purchasing an additional 119,335 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of TMC the metals during the third quarter worth about $44,000. Shay Capital LLC grew its holdings in shares of TMC the metals by 965.6% during the fourth quarter. Shay Capital LLC now owns 932,404 shares of the company’s stock worth $1,044,000 after buying an additional 844,904 shares during the last quarter. Raymond James Financial Inc. acquired a new position in TMC the metals in the 4th quarter valued at about $28,000. Finally, First Manhattan CO. LLC. raised its stake in TMC the metals by 115.2% during the 4th quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company’s stock valued at $20,974,000 after acquiring an additional 10,025,000 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.