TMC the metals (NASDAQ:TMC) Shares Gap Up Following Strong Earnings

TMC the metals company Inc. (NASDAQ:TMC) shares gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $1.70, but opened at $1.98. TMC the metals shares last traded at $1.97, with a volume of 3,568,765 shares changing hands.

The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. The business had revenue of ($20.18) million during the quarter.

Wall Street Analysts Forecast Growth

TMC has been the subject of a number of research reports. Alliance Global Partners assumed coverage on TMC the metals in a research report on Wednesday, January 15th. They set a “buy” rating and a $3.75 price objective for the company. Wedbush restated a “neutral” rating and set a $4.00 price target on shares of TMC the metals in a report on Friday.

Insider Activity

In related news, insider Erika Ilves sold 217,099 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $1.11, for a total value of $240,979.89. Following the completion of the sale, the insider now owns 998,170 shares of the company’s stock, valued at approximately $1,107,968.70. The trade was a 17.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 30.00% of the stock is currently owned by corporate insiders.

Institutional Trading of TMC the metals

A number of institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new position in shares of TMC the metals during the 3rd quarter worth $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 worth $514,000 after purchasing an additional 119,335 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new position in TMC the metals during the fourth quarter worth $28,000. SBI Securities Co. Ltd. bought a new position in TMC the metals during the fourth quarter valued at about $94,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of TMC the metals in the fourth quarter worth about $28,000. 4.39% of the stock is currently owned by institutional investors and hedge funds.

TMC the metals Stock Performance

The company has a market cap of $557.73 million, a P/E ratio of -5.55 and a beta of 1.52. The firm has a 50 day moving average price of $1.78 and a 200-day moving average price of $1.26.

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.