Alliance Global Partners Initiates Coverage on TMC the metals (NASDAQ:TMC)

Equities researchers at Alliance Global Partners assumed coverage on shares of TMC the metals (NASDAQ:TMC - Get Free Report) in a research note issued on Wednesday, Marketbeat reports. The brokerage set a "buy" rating and a $3.75 price target on the stock. Alliance Global Partners' price objective points to a potential upside of 188.46% from the stock's current price.

TMC the metals Trading Up 23.8 %

TMC stock traded up $0.25 on Wednesday, hitting $1.30. The company had a trading volume of 6,684,048 shares, compared to its average volume of 2,367,166. The stock has a market cap of $421.54 million, a price-to-earnings ratio of -4.19 and a beta of 1.49. The stock's 50-day simple moving average is $0.94 and its 200 day simple moving average is $1.04. TMC the metals has a 12-month low of $0.72 and a 12-month high of $2.07.

Insider Buying and Selling

In related news, CFO Craig Shesky sold 47,523 shares of the business's stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $0.85, for a total transaction of $40,394.55. Following the completion of the sale, the chief financial officer now directly owns 977,844 shares in the company, valued at approximately $831,167.40. The trade was a 4.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Andrew Hall sold 66,000 shares of the company's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $0.93, for a total transaction of $61,380.00. Following the sale, the director now directly owns 182,966 shares of the company's stock, valued at approximately $170,158.38. This represents a 26.51 % 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 90 days. Company insiders own 30.00% of the company's stock.

Hedge Funds Weigh In On TMC the metals

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC bought a new position in shares of TMC the metals in the third quarter worth about $44,000. Tidal Investments LLC grew its stake in shares of TMC the metals by 32.6% during 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 during the period. Finally, Old West Investment Management LLC raised its stake in TMC the metals by 100.0% during the 3rd quarter. Old West Investment Management LLC now owns 1,593,230 shares of the company's stock worth $1,689,000 after acquiring an additional 796,615 shares during the period. 4.39% of the stock is currently owned by hedge funds and other 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.