TMC the metals (NASDAQ:TMC) Shares Gap Up – Should You Buy?

TMC the metals company Inc. (NASDAQ:TMC)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $1.45, but opened at $1.52. TMC the metals shares last traded at $1.57, with a volume of 887,711 shares.

Analysts Set New Price Targets

Separately, Alliance Global Partners began coverage on shares of TMC the metals in a research report on Wednesday, January 15th. They set a “buy” rating and a $3.75 price objective on the stock.

TMC the metals Stock Performance

The stock has a market capitalization of $502.60 million, a PE ratio of -5.00 and a beta of 1.49. The company has a 50 day moving average of $1.04 and a two-hundred day moving average of $1.04.

Insider Buying and Selling

In other TMC the metals news, insider Erika Ilves sold 217,099 shares of the business’s stock in a transaction dated 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 $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 available through the SEC website. Also, Director Andrew Hall sold 66,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $0.93, for a total transaction of $61,380.00. Following the completion of the transaction, the director now directly owns 182,966 shares of the company’s stock, valued at approximately $170,158.38. The trade was a 26.51 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 330,622 shares of company stock worth $342,754. Insiders own 30.00% of the company’s stock.

Hedge Funds Weigh In On TMC the metals

Institutional investors and hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC purchased a new position in TMC the metals during the third quarter worth approximately $44,000. Tidal Investments LLC grew its stake in TMC the metals by 32.6% during 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 in the last quarter. Finally, Old West Investment Management LLC increased its stake in shares of TMC the metals by 100.0% in the third quarter. Old West Investment Management LLC now owns 1,593,230 shares of the company’s stock worth $1,689,000 after buying an additional 796,615 shares during the last quarter. 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.