TMC the metals (NASDAQ:TMC) Stock Price Up 8% - Here's Why

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares traded up 8% on Wednesday . The stock traded as high as $1.80 and last traded at $1.82. 638,540 shares changed hands during trading, a decline of 62% from the average session volume of 1,693,454 shares. The stock had previously closed at $1.68.

Wall Street Analyst Weigh In

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

TMC the metals Price Performance

The company has a market capitalization of $590.16 million, a P/E ratio of -5.87 and a beta of 1.52. The company has a fifty day simple moving average of $1.61 and a two-hundred day simple moving average of $1.18.

Insider Activity at TMC the metals

In related 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 value of $240,979.89. Following the transaction, the insider now directly owns 998,170 shares in the company, valued at approximately $1,107,968.70. This trade represents a 17.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 30.00% of the stock is owned by company insiders.

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Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. First Manhattan CO. LLC. lifted its position in shares of 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 worth $20,974,000 after purchasing an additional 10,025,000 shares during the last quarter. Jane Street Group LLC increased its position in 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 worth $1,507,000 after buying an additional 1,364,424 shares during the period. Old West Investment Management LLC lifted its holdings in shares of TMC the metals by 168.0% during the fourth quarter. Old West Investment Management LLC now owns 2,135,038 shares of the company's stock worth $2,391,000 after buying an additional 1,338,423 shares during the last quarter. Shay Capital LLC boosted its position in shares of TMC the metals by 965.6% in the fourth quarter. Shay Capital LLC now owns 932,404 shares of the company's stock valued at $1,044,000 after acquiring an additional 844,904 shares during the period. Finally, Tidal Investments LLC grew its stake in shares of TMC the metals by 32.6% in the third quarter. Tidal Investments LLC now owns 485,332 shares of the company's stock worth $514,000 after acquiring an additional 119,335 shares during the last quarter. Institutional investors and hedge funds own 4.39% of the company's stock.

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.