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

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $1.45, but opened at $1.52. TMC the metals shares last traded at $1.57, with a volume of 887,711 shares traded.

Analyst Ratings Changes

Separately, Alliance Global Partners started coverage on 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.

TMC the metals Price Performance

The stock has a 50-day moving average price of $1.10 and a two-hundred day moving average price of $1.05. The stock has a market cap of $528.54 million, a PE ratio of -5.26 and a beta of 1.49.

Insider Activity at TMC the metals

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 transaction of $240,979.89. Following the transaction, the insider now directly 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 document filed with the SEC, which is accessible through this hyperlink. Also, CFO Craig Shesky sold 47,523 shares of the firm's stock in a transaction dated Wednesday, November 27th. The stock was 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 of the company's stock, valued at approximately $831,167.40. The trade was a 4.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 330,622 shares of company stock valued at $342,754 over the last 90 days. 30.00% of the stock is owned by corporate insiders.

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Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TMC. Virtu Financial LLC bought a new position in TMC the metals in the 3rd quarter worth about $44,000. Tidal Investments LLC boosted its holdings in shares of TMC the metals by 32.6% in the third quarter. Tidal Investments LLC now owns 485,332 shares of the company's stock valued at $514,000 after purchasing an additional 119,335 shares during the period. Finally, Old West Investment Management LLC grew its stake in 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 worth $1,689,000 after purchasing an additional 796,615 shares in the last quarter. Hedge funds and other 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.