TMC the metals (NASDAQ:TMC) Trading Up 12.3% - Here's What Happened

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares were up 12.3% during trading on Thursday . The company traded as high as $1.68 and last traded at $1.66. Approximately 1,918,731 shares traded hands during trading, a decline of 50% from the average daily volume of 3,813,074 shares. The stock had previously closed at $1.48.

Analysts Set New Price Targets

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

TMC the metals Stock Up 9.2 %

The firm has a market capitalization of $577.18 million, a price-to-earnings ratio of -5.74 and a beta of 1.54. The firm has a 50 day moving average of $1.11 and a two-hundred day moving average of $1.05.

Insider Buying and Selling at TMC the metals

In other TMC the metals news, insider Erika Ilves sold 217,099 shares of TMC the metals stock in a transaction that occurred 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 completion of the sale, the insider now owns 998,170 shares of the company's stock, valued at approximately $1,107,968.70. The trade was a 17.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Craig Shesky sold 47,523 shares of the business's stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $0.85, for a total transaction of $40,394.55. Following the sale, the chief financial officer now directly owns 977,844 shares of the company's stock, valued at approximately $831,167.40. The trade was a 4.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 330,622 shares of company stock worth $342,754 in the last quarter. 30.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TMC the metals

Institutional investors have recently made changes to their positions in the company. Old West Investment Management LLC boosted its position in TMC the metals by 100.0% during the third quarter. Old West Investment Management LLC now owns 1,593,230 shares of the company's stock worth $1,689,000 after purchasing an additional 796,615 shares in the last quarter. Tidal Investments LLC lifted its position in TMC the metals by 32.6% in the third quarter. Tidal Investments LLC now owns 485,332 shares of the company's stock valued at $514,000 after buying an additional 119,335 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in TMC the metals during the 3rd quarter worth approximately $44,000. Hedge funds and other institutional investors 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.