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

TMC the metals company Inc. (NASDAQ:TMC) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. 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.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on TMC shares. Wedbush restated a “neutral” rating and set a $4.00 target price on shares of TMC the metals in a research report on Friday. Alliance Global Partners initiated coverage on TMC the metals in a report on Wednesday, January 15th. They issued a “buy” rating and a $3.75 price objective on the stock.

Insider Buying and Selling at TMC the metals

In other news, insider Erika Ilves sold 217,099 shares of TMC the metals 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 sale, the insider now directly owns 998,170 shares of the company’s stock, valued at $1,107,968.70. The trade was a 17.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 30.00% of the company’s stock.

Institutional Investors Weigh In On TMC the metals

A number of large investors have recently modified their holdings of TMC. Tidal Investments LLC grew its stake in TMC the metals by 11.9% during the 4th quarter. Tidal Investments LLC now owns 542,938 shares of the company’s stock valued at $608,000 after acquiring an additional 57,606 shares in the last quarter. Shay Capital LLC boosted its holdings in shares of TMC the metals by 965.6% during the 4th quarter. Shay Capital LLC now owns 932,404 shares of the company’s stock worth $1,044,000 after purchasing an additional 844,904 shares during the last quarter. First Manhattan CO. LLC. boosted its stake in TMC the metals by 115.2% during the fourth quarter. First Manhattan CO. LLC. now owns 18,726,800 shares of the company’s stock worth $20,974,000 after buying an additional 10,025,000 shares during the last quarter. Jane Street Group LLC boosted its stake in TMC the metals by 7,330.9% during the fourth quarter. Jane Street Group LLC now owns 1,345,812 shares of the company’s stock worth $1,507,000 after buying an additional 1,364,424 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in TMC the metals in the 4th quarter valued at $65,000. Hedge funds and other institutional investors own 4.39% of the company’s stock.

TMC the metals Stock Performance

The business has a 50 day simple moving average of $1.78 and a 200-day simple moving average of $1.27. The firm has a market capitalization of $557.73 million, a price-to-earnings ratio of -5.55 and a beta of 1.52.

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.