TMC the metals (NASDAQ:TMC) Sees Unusually-High Trading Volume – Should You Buy?

TMC the metals company Inc. (NASDAQ:TMC) saw unusually-strong trading volume on Thursday . Approximately 7,960,644 shares were traded during mid-day trading, an increase of 174% from the previous session’s volume of 2,910,017 shares.The stock last traded at $1.55 and had previously closed at $1.30.

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners initiated coverage on shares of TMC the metals in a research note on Wednesday. They set a “buy” rating and a $3.75 price objective for the company.

TMC the metals Price Performance

The stock has a 50 day simple moving average of $0.95 and a two-hundred day simple moving average of $1.04. The company has a market cap of $509.09 million, a price-to-earnings ratio of -5.06 and a beta of 1.49.

Insider Transactions at TMC the metals

In other news, insider Erika Ilves sold 217,099 shares of TMC the metals 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 sale, the insider now owns 998,170 shares of the company’s stock, valued at approximately $1,107,968.70. The trade was a 17.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew Hall sold 66,000 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $0.93, for a total value of $61,380.00. Following the completion of the transaction, the director now owns 182,966 shares of the company’s stock, valued at $170,158.38. The trade was a 26.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 330,622 shares of company stock worth $342,754 in the last quarter. Company insiders own 30.00% of the company’s stock.

Institutional Investors Weigh In On TMC the metals

A number of institutional investors have recently made changes to their positions in TMC. Virtu Financial LLC purchased a new position in shares of TMC the metals during the 3rd quarter worth approximately $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 in the last quarter. Finally, Old West Investment Management LLC boosted its position in shares of 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 buying an additional 796,615 shares during the period. 4.39% of the stock is currently owned by institutional investors and hedge funds.

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.