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

TMC the metals company Inc. (NASDAQ:TMC) gapped up before the market opened on Friday . The stock had previously closed at $3.30, but opened at $3.44. TMC the metals shares last traded at $3.50, with a volume of 1,790,304 shares changing hands.

Analyst Ratings Changes

Separately, Wedbush reaffirmed a “neutral” rating and set a $6.00 price target on shares of TMC the metals in a research note on Friday.

TMC the metals Stock Performance

The firm has a market capitalization of $1.27 billion, a P/E ratio of -11.74 and a beta of 1.33. The firm has a 50 day moving average price of $2.41 and a two-hundred day moving average price of $1.68.

TMC the metals (NASDAQ:TMC) last released its quarterly earnings data on Wednesday, May 14th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Equities research analysts forecast that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Craig Shesky sold 353,702 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $1.66, for a total value of $587,145.32. Following the completion of the sale, the chief financial officer now owns 1,145,717 shares in the company, valued at $1,901,890.22. This represents a 23.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 30.00% of the company’s stock.

Institutional Trading of TMC the metals

A number of institutional investors have recently bought and sold shares of TMC. Oppenheimer & Co. Inc. acquired a new stake in shares of TMC the metals in the fourth quarter worth about $28,000. SBI Securities Co. Ltd. acquired a new stake in shares of TMC the metals in the fourth quarter worth about $94,000. Raymond James Financial Inc. acquired a new stake in shares of TMC the metals in the fourth quarter worth about $28,000. Independent Advisor Alliance acquired a new stake in shares of TMC the metals in the fourth quarter worth about $42,000. Finally, Gray Wealth Management Inc. lifted its position in shares of TMC the metals by 59.7% in the fourth quarter. Gray Wealth Management Inc. now owns 23,700 shares of the company’s stock worth $27,000 after buying an additional 8,863 shares during the last quarter. Institutional investors and hedge funds 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.