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

TMC the metals company Inc. (NASDAQ:TMC) shares gapped up prior to trading 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 trading hands.

Analysts Set New Price Targets

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

TMC the metals Stock Performance

The firm has a market capitalization of $533.41 million, a price-to-earnings ratio of -5.31 and a beta of 1.49. The company has a fifty day moving average of $0.96 and a two-hundred day moving average of $1.04.

Insider Buying and Selling at TMC the metals

In other TMC the metals news, Director Andrew Hall sold 66,000 shares of TMC the metals stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $0.93, for a total transaction of $61,380.00. Following the transaction, the director now directly owns 182,966 shares of the company’s stock, valued at approximately $170,158.38. The trade was a 26.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Craig Shesky sold 47,523 shares of TMC the metals stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $0.85, for a total value of $40,394.55. Following the transaction, the chief financial officer now directly owns 977,844 shares in the company, 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 in the last three months. Corporate insiders own 30.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidal Investments LLC boosted its holdings in 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 acquiring an additional 119,335 shares in the last quarter. Virtu Financial LLC bought a new position in shares of TMC the metals in the third quarter valued at approximately $44,000. Finally, Old West Investment Management LLC lifted its holdings 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 purchasing an additional 796,615 shares in the last quarter. 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.