TMC the metals (NASDAQ:TMC) Trading Up 14.5% – Here’s What Happened

TMC the metals company Inc. (NASDAQ:TMC)’s stock price traded up 14.5% on Monday . The company traded as high as $1.72 and last traded at $1.97. 2,147,102 shares traded hands during mid-day trading, an increase of 32% from the average session volume of 1,629,254 shares. The stock had previously closed at $1.72.

Analyst Ratings Changes

TMC has been the topic of several analyst reports. Alliance Global Partners started coverage on TMC the metals in a research report on Wednesday, January 15th. They set a “buy” rating and a $3.75 price target on the stock. Wedbush reaffirmed a “neutral” rating and set a $4.00 target price on shares of TMC the metals in a report on Friday.

TMC the metals Price Performance

The stock has a market capitalization of $557.73 million, a PE ratio of -5.55 and a beta of 1.52. The stock’s fifty day moving average is $1.78 and its 200-day moving average is $1.27.

TMC the metals (NASDAQ:TMC) last announced its quarterly earnings results on Thursday, March 27th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. The business had revenue of ($20.18) million during the quarter. On average, analysts forecast that TMC the metals company Inc. will post -0.22 EPS for the current year.

Hedge Funds Weigh In On TMC the metals

Hedge funds and other institutional investors have recently modified their holdings of the business. Gray Wealth Management Inc. increased its stake in shares of TMC the metals by 59.7% in the 4th quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company’s stock worth $27,000 after acquiring an additional 8,863 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in TMC the metals during the fourth quarter worth about $28,000. Oppenheimer & Co. Inc. purchased a new position in TMC the metals during the fourth quarter worth about $28,000. Independent Advisor Alliance acquired a new position in TMC the metals in the 4th quarter valued at about $42,000. Finally, Virtu Financial LLC purchased a new stake in shares of TMC the metals in the 3rd quarter valued at approximately $44,000. 4.39% of the stock is 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.