TMC the metals company Inc. (NASDAQ:TMC) Sees Significant Growth in Short Interest

TMC the metals company Inc. (NASDAQ:TMC) was the recipient of a significant increase in short interest in August. As of August 15th, there was short interest totalling 8,050,000 shares, an increase of 21.2% from the July 31st total of 6,640,000 shares. Currently, 9.3% of the shares of the stock are short sold. Based on an average trading volume of 4,340,000 shares, the days-to-cover ratio is currently 1.9 days.

Insiders Place Their Bets

In other TMC the metals news, Director Andrei Karkar bought 3,997,519 shares of the stock in a transaction on Thursday, June 8th. The stock was purchased at an average price of $0.75 per share, with a total value of $2,998,139.25. Following the completion of the purchase, the director now owns 55,953,495 shares in the company, valued at $41,965,121.25. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 31.30% of the company’s stock.

Institutional Trading of TMC the metals

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada bought a new stake in TMC the metals in the first quarter valued at approximately $27,000. Walleye Trading LLC bought a new position in shares of TMC the metals during the 1st quarter worth approximately $28,000. Goldman Sachs Group Inc. bought a new position in shares of TMC the metals during the 1st quarter worth approximately $33,000. Arete Wealth Advisors LLC bought a new position in shares of TMC the metals during the 1st quarter worth approximately $10,651,000,000. Finally, Founders Financial Securities LLC bought a new position in shares of TMC the metals during the 2nd quarter worth approximately $26,000. 56.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on TMC shares. ThinkEquity started coverage on TMC the metals in a report on Monday, July 10th. They set a “buy” rating on the stock. Wedbush restated a “neutral” rating and set a $4.00 price target on shares of TMC the metals in a report on Tuesday, August 15th.

TMC the metals Price Performance

Shares of TMC stock opened at $1.33 on Wednesday. The business’s 50 day simple moving average is $1.58 and its 200 day simple moving average is $1.12. TMC the metals has a one year low of $0.51 and a one year high of $3.20. The stock has a market capitalization of $389.58 million, a PE ratio of -2.29 and a beta of 1.47.

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 the Clarion Clipperton Zone (CCZ) in the south-west of San Diego, California. It primarily explores for nickel, cobalt, copper, and manganese products.