Alliance Global Partners Initiates Coverage on TMC the metals (NASDAQ:TMC)

Equities research analysts at Alliance Global Partners started coverage on shares of TMC the metals (NASDAQ:TMC) in a report issued on Wednesday, Marketbeat reports. The firm set a “buy” rating and a $3.75 price target on the stock. Alliance Global Partners’ target price suggests a potential upside of 138.85% from the company’s previous close.

TMC the metals Price Performance

Shares of TMC the metals stock opened at $1.57 on Wednesday. The business has a 50-day simple moving average of $0.95 and a 200 day simple moving average of $1.04. TMC the metals has a one year low of $0.72 and a one year high of $2.07. The firm has a market capitalization of $509.09 million, a price-to-earnings ratio of -5.06 and a beta of 1.49.

Insider Transactions at TMC the metals

In other news, insider Erika Ilves sold 217,099 shares of the 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 directly owns 998,170 shares of the company’s stock, valued at $1,107,968.70. This represents a 17.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Craig Shesky sold 47,523 shares of TMC the metals stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $0.85, for a total value of $40,394.55. Following the transaction, the chief financial officer now directly owns 977,844 shares in the company, valued at approximately $831,167.40. The trade was a 4.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 330,622 shares of company stock valued at $342,754 over the last ninety days. 30.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On TMC the metals

A number of institutional investors and hedge funds have recently bought and sold shares of TMC. Virtu Financial LLC purchased a new stake in TMC the metals in the 3rd quarter valued at about $44,000. Tidal Investments LLC grew its holdings in shares of TMC the metals by 32.6% in the third quarter. Tidal Investments LLC now owns 485,332 shares of the company’s stock valued at $514,000 after acquiring an additional 119,335 shares in the last quarter. Finally, Old West Investment Management LLC increased its position in shares of TMC the metals by 100.0% during the third quarter. Old West Investment Management LLC now owns 1,593,230 shares of the company’s stock valued at $1,689,000 after acquiring an additional 796,615 shares during the last quarter. 4.39% of the stock is owned by hedge funds and other institutional investors.

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.