TMC the metals (NASDAQ:TMC) Shares Gap Up - Still a Buy?

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $1.96, but opened at $2.08. TMC the metals shares last traded at $1.96, with a volume of 1,167,233 shares traded.

Analyst Ratings Changes

Separately, Alliance Global Partners started coverage on TMC the metals in a report on Wednesday, January 15th. They set a "buy" rating and a $3.75 target price for the company.

TMC the metals Stock Down 8.6 %

The firm has a market cap of $551.25 million, a price-to-earnings ratio of -5.48 and a beta of 1.54. The stock has a 50 day moving average of $1.50 and a 200 day moving average of $1.15.

Insider Activity at TMC the metals

In other TMC the metals news, insider Erika Ilves sold 217,099 shares of the business's stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $1.11, for a total transaction of $240,979.89. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 30.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Gray Wealth Management Inc. grew its holdings in shares of TMC the metals by 59.7% during the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock worth $27,000 after purchasing an additional 8,863 shares during the last quarter. Oppenheimer & Co. Inc. bought a new stake in shares of TMC the metals during the fourth quarter worth about $28,000. Raymond James Financial Inc. bought a new stake in shares of TMC the metals during the fourth quarter worth about $28,000. Independent Advisor Alliance bought a new stake in shares of TMC the metals during the fourth quarter worth about $42,000. Finally, Virtu Financial LLC bought a new stake in shares of TMC the metals during the third quarter worth about $44,000. Institutional investors and hedge funds own 4.39% of the company's stock.

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About TMC the metals

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.