TMC the metals (NASDAQ:TMC) Shares Gap Up - Here's What Happened

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $1.95, but opened at $2.40. TMC the metals shares last traded at $2.42, with a volume of 5,443,764 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on TMC shares. Alliance Global Partners started coverage on shares of TMC the metals in a research note on Wednesday, January 15th. They set a "buy" rating and a $3.75 target price on the stock. Wedbush reaffirmed a "neutral" rating and set a $4.00 price objective on shares of TMC the metals in a research report on Friday, March 28th.

TMC the metals Stock Up 6.1 %

The stock's fifty day simple moving average is $1.93 and its two-hundred day simple moving average is $1.39. The firm has a market cap of $1.03 billion, a PE ratio of -9.55 and a beta of 1.46.

TMC the metals (NASDAQ:TMC - Get Free Report) last posted its quarterly earnings results on Thursday, March 27th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. The company had revenue of ($20.18) million during the quarter. On average, equities research analysts anticipate that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Buying and Selling at TMC the metals

In related news, CFO Craig Shesky sold 353,702 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $1.66, for a total value of $587,145.32. Following the completion of the transaction, the chief financial officer now owns 1,145,717 shares of the company's stock, valued at approximately $1,901,890.22. This represents a 23.59 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 30.00% of the company's stock.

Institutional Trading of TMC the metals

Several institutional investors and hedge funds have recently added to or reduced their stakes in TMC. First Manhattan CO. LLC. increased its holdings in shares of TMC the metals by 115.2% in the fourth quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock worth $20,974,000 after purchasing an additional 10,025,000 shares during the last quarter. Old West Investment Management LLC lifted its stake in shares of TMC the metals by 168.0% during the 4th quarter. Old West Investment Management LLC now owns 2,135,038 shares of the company's stock worth $2,391,000 after acquiring an additional 1,338,423 shares during the last quarter. Jane Street Group LLC lifted its position in shares of TMC the metals by 7,330.9% during the fourth quarter. Jane Street Group LLC now owns 1,345,812 shares of the company's stock worth $1,507,000 after purchasing an additional 1,364,424 shares during the last quarter. Shay Capital LLC boosted its position in TMC the metals by 965.6% in the 4th quarter. Shay Capital LLC now owns 932,404 shares of the company's stock valued at $1,044,000 after buying an additional 844,904 shares during the period. Finally, Tidal Investments LLC grew its stake in TMC the metals by 11.9% in the fourth quarter. Tidal Investments LLC now owns 542,938 shares of the company's stock worth $608,000 after purchasing an additional 57,606 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.