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

Analysts at Alliance Global Partners initiated coverage on shares of TMC the metals (NASDAQ:TMC) in a report issued on Wednesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $3.75 price target on the stock. Alliance Global Partners’ target price suggests a potential upside of 257.14% from the company’s previous close.

TMC the metals Price Performance

NASDAQ:TMC opened at $1.05 on Wednesday. The firm’s 50-day moving average price is $0.94 and its 200-day moving average price is $1.04. The company has a market capitalization of $340.48 million, a PE ratio of -3.39 and a beta of 1.49. TMC the metals has a 1-year low of $0.72 and a 1-year high of $2.07.

Insider Activity

In other news, insider Erika Ilves sold 217,099 shares of TMC the metals stock in a transaction dated 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 transaction, the insider now owns 998,170 shares of the company’s stock, valued at $1,107,968.70. The trade was a 17.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew Hall sold 66,000 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $0.93, for a total transaction of $61,380.00. Following the completion of the transaction, the director now owns 182,966 shares in the company, valued at approximately $170,158.38. The trade was a 26.51 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 330,622 shares of company stock worth $342,754. Insiders own 30.00% of the company’s stock.

Hedge Funds Weigh In On TMC the metals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC purchased a new position in shares of TMC the metals in the third quarter worth $44,000. Tidal Investments LLC increased its holdings in TMC the metals by 32.6% in the 3rd quarter. Tidal Investments LLC now owns 485,332 shares of the company’s stock worth $514,000 after buying an additional 119,335 shares in the last quarter. Finally, Old West Investment Management LLC raised its position in TMC the metals by 100.0% in the 3rd quarter. Old West Investment Management LLC now owns 1,593,230 shares of the company’s stock worth $1,689,000 after buying an additional 796,615 shares during the last quarter. 4.39% of the stock is owned by institutional investors.

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.