TMC the metals (NASDAQ:TMC) Shares Up 14.5% - Here's What Happened

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) traded up 14.5% on Monday . The company traded as high as $1.72 and last traded at $1.97. 2,147,102 shares changed 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 Analyst Weigh In

TMC has been the subject of several analyst reports. Wedbush restated a "neutral" rating and issued a $4.00 target price on shares of TMC the metals in a report on Friday, March 28th. Alliance Global Partners initiated coverage on shares of 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.

TMC the metals Stock Down 6.2 %

The company has a 50-day moving average price of $1.80 and a 200-day moving average price of $1.29. The company has a market capitalization of $593.40 million, a price-to-earnings ratio of -5.90 and a beta of 1.52.

TMC the metals (NASDAQ:TMC - Get Free Report) last released its 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. Equities analysts expect that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

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Insider Buying and Selling

In related news, CFO Craig Shesky sold 353,702 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $1.66, for a total value of $587,145.32. Following the completion of the sale, the chief financial officer now owns 1,145,717 shares in the company, valued at approximately $1,901,890.22. This trade represents a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 30.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On TMC the metals

Several large investors have recently added to or reduced their stakes in TMC. Tidal Investments LLC increased its position in shares of TMC the metals by 11.9% during the fourth quarter. Tidal Investments LLC now owns 542,938 shares of the company's stock valued at $608,000 after purchasing an additional 57,606 shares during the period. Shay Capital LLC increased its holdings in TMC the metals by 965.6% in the 4th quarter. Shay Capital LLC now owns 932,404 shares of the company's stock valued at $1,044,000 after buying an additional 844,904 shares during the period. First Manhattan CO. LLC. raised its stake in shares of TMC the metals by 115.2% in 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 raised its stake in shares of TMC the metals by 7,330.9% in the 4th quarter. Jane Street Group LLC now owns 1,345,812 shares of the company's stock valued at $1,507,000 after buying an additional 1,364,424 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of TMC the metals during the 4th quarter worth about $65,000. Institutional investors and hedge funds own 4.39% of the company's stock.

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.