KLP Kapitalforvaltning AS Buys Shares of 47,000 TMC the metals company Inc. $TMC

Key Points

• KLP Kapitalforvaltning AS acquired 47,000 shares of TMC the metals company, valuing the stake at approximately $310,000.
• Analysts have varied opinions on TMC, with Zacks Research downgrading the stock to a "strong sell," while Wedbush increased the price target from $6.00 to $11.00.
• Insiders have recently sold significant portions of their holdings, with Erika Ilves selling over 1.5 million shares, resulting in a 58.14% decrease in her ownership.

KLP Kapitalforvaltning AS bought a new stake in TMC the metals company Inc. (NASDAQ:TMC - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 47,000 shares of the company's stock, valued at approximately $310,000.

A number of other large investors also recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC lifted its position in TMC the metals by 10.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 47,163 shares of the company's stock valued at $335,000 after buying an additional 4,482 shares during the last quarter. Sowell Financial Services LLC lifted its position in TMC the metals by 37.4% in the second quarter. Sowell Financial Services LLC now owns 16,604 shares of the company's stock valued at $110,000 after buying an additional 4,517 shares during the last quarter. Allworth Financial LP lifted its position in TMC the metals by 48.0% in the first quarter. Allworth Financial LP now owns 14,796 shares of the company's stock valued at $25,000 after buying an additional 4,796 shares during the last quarter. Corundum Group Inc. acquired a new position in TMC the metals in the second quarter valued at about $69,000. Finally, Sprott Inc. acquired a new position in TMC the metals in the first quarter valued at about $26,000. Institutional investors and hedge funds own 4.39% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TMC. Zacks Research cut shares of TMC the metals from a "hold" rating to a "strong sell" rating in a research report on Wednesday, October 15th. Wedbush raised shares of TMC the metals from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $6.00 to $11.00 in a research report on Wednesday, June 25th. Weiss Ratings reissued a "sell (d-)" rating on shares of TMC the metals in a research report on Wednesday, October 8th. Finally, HC Wainwright reissued a "buy" rating and set a $7.25 price target on shares of TMC the metals in a research report on Monday, August 18th. Three investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $7.33.

Insider Buying and Selling

In other TMC the metals news, insider Erika Ilves sold 1,591,485 shares of the 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 transaction, the insider directly owned 1,145,792 shares in the company, valued at $6,611,219.84. This represents a 58.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Anthony O'sullivan sold 250,000 shares of the 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 transaction, the insider owned 1,125,667 shares in the company, valued at $5,909,751.75. This 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 currently owned by corporate insiders.

TMC the metals Stock Performance

TMC stock opened at $8.19 on Monday. The company's 50 day moving average price is $6.31 and its 200 day moving average price is $5.31. TMC the metals company Inc. has a fifty-two week low of $0.72 and a fifty-two week high of $11.35. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of -22.13 and a beta of 1.70.

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

TMC the metals 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.

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