TMC the metals (NASDAQ:TMC) Trading 7.7% Higher - Here's What Happened

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shot up 7.7% during mid-day trading on Tuesday . The stock traded as high as $2.03 and last traded at $2.03. 2,370,718 shares were traded during mid-day trading, a decline of 29% from the average session volume of 3,325,377 shares. The stock had previously closed at $1.88.

Wall Street Analysts Forecast Growth

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

TMC the metals Price Performance

The company's 50-day simple moving average is $1.42 and its two-hundred day simple moving average is $1.13. The firm has a market capitalization of $635.55 million, a P/E ratio of -6.32 and a beta of 1.54.

Insider Buying and Selling at TMC the metals

In other news, insider Erika Ilves sold 217,099 shares of the firm's stock in a transaction on Monday, December 30th. The shares were sold at an average price of $1.11, for a total transaction of $240,979.89. Following the sale, the insider now directly owns 998,170 shares in the company, valued at $1,107,968.70. This trade represents a 17.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Craig Shesky sold 47,523 shares of the company's stock in a transaction on 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 transaction, the chief financial officer now directly owns 977,844 shares of the company's stock, valued at $831,167.40. This represents a 4.63 % decrease in their position. The disclosure for this sale can be found here. 30.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TMC. Gray Wealth Management Inc. boosted its holdings in shares of TMC the metals by 59.7% during the 4th quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company's stock valued at $27,000 after purchasing an additional 8,863 shares during the last quarter. Oppenheimer & Co. Inc. bought a new stake in TMC the metals in the 4th quarter worth approximately $28,000. Raymond James Financial Inc. purchased a new stake in shares of TMC the metals during the 4th quarter worth approximately $28,000. Independent Advisor Alliance bought a new position in shares of TMC the metals during the 4th quarter valued at approximately $42,000. Finally, Virtu Financial LLC purchased a new position in shares of TMC the metals in the third quarter valued at $44,000. 4.39% of the stock is 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.