TMC the metals (NASDAQ:TMC) Shares Up 8% – Here’s Why

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

Analyst Upgrades and Downgrades

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

TMC the metals Stock Up 6.8 %

The company has a 50-day moving average of $1.55 and a 200-day moving average of $1.17. The company has a market cap of $582.05 million, a PE ratio of -5.79 and a beta of 1.54.

Insiders Place Their Bets

In other news, insider Erika Ilves sold 217,099 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $1.11, for a total value of $240,979.89. Following the transaction, the insider now owns 998,170 shares in the company, valued at $1,107,968.70. The trade was a 17.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 30.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Gray Wealth Management Inc. raised its stake in shares of TMC the metals by 59.7% during the 4th quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company’s stock worth $27,000 after purchasing an additional 8,863 shares during the period. Oppenheimer & Co. Inc. bought a new stake in TMC the metals in the fourth quarter worth about $28,000. Raymond James Financial Inc. purchased a new position in TMC the metals in the fourth quarter valued at about $28,000. Independent Advisor Alliance purchased a new position in TMC the metals in the fourth quarter valued at about $42,000. Finally, Virtu Financial LLC purchased a new stake in shares of 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.

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.