TMC the metals (NASDAQ:TMC) Trading 14.5% Higher - Here's Why

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shot up 14.5% during trading on Monday . The stock traded as high as $1.72 and last traded at $1.97. 2,147,102 shares traded hands during mid-day trading, an increase of 32% from the average session volume of 1,629,254 shares. The stock had previously closed at $1.72.

Wall Street Analysts Forecast Growth

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

TMC the metals Price Performance

The stock has a market capitalization of $612.32 million, a P/E ratio of -5.68 and a beta of 1.46. The company's 50 day simple moving average is $1.80 and its two-hundred day simple moving average is $1.30.

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

Insider Activity at TMC the metals

In other TMC the metals news, CFO Craig Shesky sold 353,702 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $1.66, for a total value of $587,145.32. Following the sale, the chief financial officer now owns 1,145,717 shares in the company, valued at approximately $1,901,890.22. The trade was a 23.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 30.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. bought a new position in shares of TMC the metals in the fourth quarter valued at $28,000. Old West Investment Management LLC raised its holdings in shares of TMC the metals by 168.0% in the 4th quarter. Old West Investment Management LLC now owns 2,135,038 shares of the company's stock valued at $2,391,000 after purchasing an additional 1,338,423 shares during the period. Tidal Investments LLC lifted its stake in TMC the metals by 32.6% in the 3rd 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 last quarter. Virtu Financial LLC bought a new stake in TMC the metals in the third quarter valued at approximately $44,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of TMC the metals during the 4th quarter worth approximately $94,000. 4.39% of the stock is owned by institutional investors and hedge funds.

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.