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

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report)'s share price was up 14.5% on Monday . The stock traded as high as $1.72 and last traded at $1.97. Approximately 2,147,102 shares were traded during trading, an increase of 32% from the average daily volume of 1,629,254 shares. The stock had previously closed at $1.72.

Wall Street Analysts Forecast Growth

TMC has been the subject of several analyst reports. Alliance Global Partners began coverage on TMC the metals in a research note on Wednesday, January 15th. They issued a "buy" rating and a $3.75 price objective for the company. Wedbush reaffirmed a "neutral" rating and issued a $4.00 price objective on shares of TMC the metals in a research note on Friday, March 28th.

TMC the metals Price Performance

The stock's 50-day simple moving average is $1.80 and its two-hundred day simple moving average is $1.30. The firm has a market capitalization of $636.68 million, a P/E ratio of -5.90 and a beta of 1.46.

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

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Insiders Place Their Bets

In other TMC the metals news, CFO Craig Shesky sold 353,702 shares of the business'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 sale, the chief financial officer now owns 1,145,717 shares in the company, valued at $1,901,890.22. The trade was a 23.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 30.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On TMC the metals

Several large investors have recently made changes to their positions in the company. First Manhattan CO. LLC. grew its holdings in TMC the metals by 115.2% during the 4th quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company's stock valued at $20,974,000 after buying an additional 10,025,000 shares in the last quarter. Jane Street Group LLC boosted its position in shares of TMC the metals by 7,330.9% during the 4th quarter. Jane Street Group LLC now owns 1,345,812 shares of the company's stock valued at $1,507,000 after acquiring an additional 1,364,424 shares during the last quarter. Old West Investment Management LLC grew its holdings in shares of TMC the metals by 168.0% in the fourth 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 in the last quarter. Shay Capital LLC increased its position in TMC the metals by 965.6% in the fourth quarter. Shay Capital LLC now owns 932,404 shares of the company's stock worth $1,044,000 after purchasing an additional 844,904 shares during the last quarter. Finally, Tidal Investments LLC raised its stake in TMC the metals by 32.6% during 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 in the last quarter. 4.39% of the stock is owned by 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.