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

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

Analysts Set New Price Targets

Separately, Alliance Global Partners initiated coverage on TMC the metals in a report on Wednesday, January 15th. They issued a “buy” rating and a $3.75 price objective for the company.

TMC the metals Trading Up 11.5 %

The firm has a market capitalization of $535.03 million, a price-to-earnings ratio of -5.32 and a beta of 1.49. The company’s 50 day moving average is $1.07 and its 200-day moving average is $1.05.

Insider Activity

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in TMC. Old West Investment Management LLC boosted its stake 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 buying an additional 796,615 shares during the period. Tidal Investments LLC raised its holdings in 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 acquiring an additional 119,335 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of TMC the metals during the 3rd quarter valued at $44,000. Institutional investors own 4.39% of the company’s stock.

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.