TMC the metals (NASDAQ:TMC) Shares Gap Up – What’s Next?
by Renee Jackson · The Cerbat GemTMC the metals company Inc. (NASDAQ:TMC – Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $6.62, but opened at $6.96. TMC the metals shares last traded at $6.88, with a volume of 3,485,912 shares changing hands.
Analysts Set New Price Targets
Several equities analysts recently weighed in on TMC shares. HC Wainwright increased their price objective on shares of TMC the metals from $7.50 to $11.75 and gave the company a “buy” rating in a report on Friday, January 23rd. Wedbush reiterated an “outperform” rating and issued a $11.00 price objective on shares of TMC the metals in a research report on Thursday, January 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of TMC the metals in a research note on Wednesday, January 21st. Finally, Zacks Research upgraded shares of TMC the metals from a “strong sell” rating to a “hold” rating in a report on Thursday, November 13th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $11.38.
Check Out Our Latest Report on TMC
TMC the metals Price Performance
The firm has a 50-day moving average price of $7.23 and a 200 day moving average price of $6.62.
TMC the metals (NASDAQ:TMC – Get Free Report) last announced its earnings results on Thursday, November 13th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). Sell-side analysts expect that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.
Insider Activity
In related news, insider Anthony O’sullivan sold 50,000 shares of TMC the metals stock in a transaction that occurred on Tuesday, December 2nd. The shares were sold at an average price of $6.77, for a total value of $338,500.00. Following the transaction, the insider directly owned 2,025,667 shares of the company’s stock, valued at $13,713,765.59. This trade represents a 2.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 27.60% of the company’s stock.
Hedge Funds Weigh In On TMC the metals
Institutional investors have recently modified their holdings of the business. Jump Financial LLC acquired a new position in TMC the metals during the 2nd quarter worth approximately $6,216,000. UBS Group AG boosted its position in TMC the metals by 869.6% during the third quarter. UBS Group AG now owns 630,757 shares of the company’s stock valued at $4,018,000 after acquiring an additional 712,717 shares during the last quarter. Old West Investment Management LLC boosted its position in shares of TMC the metals by 49.6% during the 3rd quarter. Old West Investment Management LLC now owns 1,997,238 shares of the company’s stock valued at $12,722,000 after purchasing an additional 662,200 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of TMC the metals during the 2nd quarter worth approximately $3,133,000. Finally, Swiss National Bank acquired a new position in shares of TMC the metals during the second quarter valued at about $2,940,000. 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. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications.