TMC the metals (NASDAQ:TMC) Shares Gap Up – Time to 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 changing hands.

Analyst Ratings Changes

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

TMC the metals Price Performance

The company has a market cap of $535.03 million, a price-to-earnings ratio of -5.32 and a beta of 1.49. The business’s 50-day simple moving average is $1.08 and its 200-day simple moving average is $1.05.

Insiders Place Their Bets

In other news, Director Andrew Hall sold 66,000 shares of the business’s stock in a transaction 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 sale, the director now directly owns 182,966 shares of the company’s stock, valued at $170,158.38. The trade was a 26.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 sale, the insider now directly owns 998,170 shares of the company’s stock, valued at approximately $1,107,968.70. This trade represents a 17.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 330,622 shares of company stock valued at $342,754 in the last quarter. 30.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On TMC the metals

Several institutional investors and hedge funds have recently modified their holdings of the stock. Virtu Financial LLC purchased a new position in TMC the metals in the 3rd quarter valued at about $44,000. Tidal Investments LLC boosted its holdings in TMC the metals by 32.6% in the third 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 during the last quarter. Finally, Old West Investment Management LLC grew its stake in TMC the metals by 100.0% during the 3rd quarter. Old West Investment Management LLC now owns 1,593,230 shares of the company’s stock valued at $1,689,000 after purchasing an additional 796,615 shares in the last quarter. 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.