Goldman Sachs Group Inc. Invests $211,000 in TMC the metals company Inc. $TMC

Key Points

• Goldman Sachs Group Inc. has purchased 122,684 shares of TMC the metals company, worth approximately $211,000, marking its new investment in the firm during the first quarter.
• Brokerages have given TMC a consensus rating of "Moderate Buy", with target prices ranging from $7.25 to $11.00, indicating positive growth forecasts for the stock.
• Insider activity saw significant stock sales, including Erika Ilves selling over 1.5 million shares, representing a 58.14% decrease in her ownership stake.

Goldman Sachs Group Inc. bought a new position in shares of TMC the metals company Inc. (NASDAQ:TMC - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 122,684 shares of the company's stock, valued at approximately $211,000.

Other institutional investors have also modified their holdings of the company. Allworth Financial LP increased its position in shares of TMC the metals by 48.0% during the first quarter. Allworth Financial LP now owns 14,796 shares of the company's stock worth $25,000 after acquiring an additional 4,796 shares during the period. Sprott Inc. purchased a new position in shares of TMC the metals during the first quarter worth approximately $26,000. Foster Dykema Cabot & Partners LLC purchased a new position in shares of TMC the metals during the first quarter worth approximately $44,000. Abacus Wealth Partners LLC purchased a new position in shares of TMC the metals during the first quarter worth approximately $55,000. Finally, Concurrent Investment Advisors LLC purchased a new position in shares of TMC the metals during the first quarter worth approximately $58,000. 4.39% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on TMC. Wedbush raised shares of TMC the metals from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $6.00 to $11.00 in a research report on Wednesday, June 25th. Zacks Research upgraded shares of TMC the metals from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 19th. Finally, HC Wainwright reiterated a "buy" rating and set a $7.25 price objective on shares of TMC the metals in a research note on Monday, August 18th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, TMC the metals has a consensus rating of "Moderate Buy" and a consensus target price of $7.33.

Insider Activity at TMC the metals

In other TMC the metals news, insider Erika Ilves sold 1,591,485 shares of the firm's stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $5.77, for a total value of $9,182,868.45. Following the completion of the sale, the insider directly owned 1,145,792 shares in the company, valued at $6,611,219.84. This trade represents a 58.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anthony O'sullivan sold 250,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $5.25, for a total transaction of $1,312,500.00. Following the completion of the sale, the insider owned 1,125,667 shares of the company's stock, valued at approximately $5,909,751.75. This trade represents a 18.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. 27.60% of the stock is owned by company insiders.

TMC the metals Stock Performance

NASDAQ TMC opened at $6.36 on Monday. The firm's 50 day moving average price is $5.72 and its 200-day moving average price is $4.62. TMC the metals company Inc. has a 52-week low of $0.72 and a 52-week high of $8.63. The company has a market cap of $2.58 billion, a PE ratio of -17.19 and a beta of 1.64.

TMC the metals (NASDAQ:TMC - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.01). On average, analysts forecast that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

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.

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