TMC the metals (NASDAQ:TMC) Sees Strong Trading Volume – Here’s What Happened

TMC the metals company Inc. (NASDAQ:TMC) saw an uptick in trading volume on Thursday . 7,960,644 shares were traded during trading, an increase of 174% from the previous session’s volume of 2,910,017 shares.The stock last traded at $1.55 and had previously closed at $1.30.

Analysts Set New Price Targets

Separately, Alliance Global Partners initiated coverage on shares of TMC the metals in a research note on Wednesday. They issued a “buy” rating and a $3.75 price target for the company.

TMC the metals Stock Up 1.3 %

The business’s 50 day moving average is $0.97 and its 200-day moving average is $1.04. The firm has a market cap of $515.57 million, a P/E ratio of -5.13 and a beta of 1.49.

Insider Buying and Selling

In other TMC the metals news, insider Erika Ilves sold 217,099 shares of TMC the metals 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 completion of the transaction, the insider now owns 998,170 shares of the company’s stock, valued at $1,107,968.70. The trade was a 17.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Andrew Hall sold 66,000 shares of TMC the metals stock in a transaction on Tuesday, November 19th. The stock was 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. This represents a 26.51 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders 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

Several hedge funds and other institutional investors have recently modified their holdings of TMC. Old West Investment Management LLC boosted its holdings in shares of 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 valued at $1,689,000 after acquiring an additional 796,615 shares during the period. Tidal Investments LLC boosted its holdings in shares of 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 acquiring an additional 119,335 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of TMC the metals during the third quarter valued at $44,000. 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.