TMC the metals (NASDAQ:TMC) Shares Gap Up – Time to Buy?

TMC the metals company Inc. (NASDAQ:TMC)’s share price gapped up before the market opened on Monday . The stock had previously closed at $1.96, but opened at $2.08. TMC the metals shares last traded at $1.96, with a volume of 1,167,233 shares traded.

Analysts Set New Price Targets

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

TMC the metals Stock Up 1.1 %

The firm has a 50-day simple moving average of $1.46 and a 200 day simple moving average of $1.14. The company has a market cap of $606.70 million, a price-to-earnings ratio of -5.97 and a beta of 1.54.

Insider Activity

In related news, insider Erika Ilves sold 217,099 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $1.11, for a total transaction of $240,979.89. Following the transaction, the insider now owns 998,170 shares of the company’s stock, valued at $1,107,968.70. This trade represents a 17.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 30.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of TMC. Tidal Investments LLC increased its position in TMC the metals by 11.9% during the 4th quarter. Tidal Investments LLC now owns 542,938 shares of the company’s stock worth $608,000 after purchasing an additional 57,606 shares during the period. Shay Capital LLC grew its holdings in 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 purchasing an additional 844,904 shares during the last quarter. First Manhattan CO. LLC. increased its position in shares of TMC the metals by 115.2% in the fourth quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company’s stock valued at $20,974,000 after buying an additional 10,025,000 shares in the last quarter. Jane Street Group LLC raised its stake in shares of TMC the metals by 7,330.9% during 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 last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of TMC the metals in the 4th quarter worth about $65,000. 4.39% of the stock is currently owned by hedge funds and other institutional investors.

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.