TMC the metals company Inc. $TMC Shares Sold by First Manhattan CO. LLC.

Key Points

• First Manhattan CO. LLC. has reduced its holdings in TMC the metals company Inc. by 0.7%, now owning approximately 5.34% of the company, valued at $31.97 million.
• Recent transactions by company insiders include significant sales, with Director Brendan May selling 44,204 shares and Anthony O'Sullivan selling 250,000 shares, resulting in notable decreases in their ownership stakes.
• While TMC's stock has fluctuated between a 52-week low of $0.72 and a high of $8.63, it recently opened at $5.36, and analysts have issued ratings indicating a Moderate Buy consensus with a price target around $7.33.

First Manhattan CO. LLC. lessened its stake in TMC the metals company Inc. (NASDAQ:TMC - Free Report) by 0.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,587,785 shares of the company's stock after selling 139,015 shares during the period. First Manhattan CO. LLC. owned about 5.34% of TMC the metals worth $31,971,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in TMC. Raymond James Financial Inc. bought a new stake in shares of TMC the metals in the fourth quarter worth $28,000. Jane Street Group LLC increased its stake in shares of TMC the metals by 7,330.9% in 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. Shay Capital LLC increased its stake in shares of TMC the metals by 965.6% in the fourth quarter. Shay Capital LLC now owns 932,404 shares of the company's stock worth $1,044,000 after buying an additional 844,904 shares during the last quarter. Tidal Investments LLC increased its stake in shares of TMC the metals by 11.9% in the fourth quarter. Tidal Investments LLC now owns 542,938 shares of the company's stock worth $608,000 after buying an additional 57,606 shares during the last quarter. Finally, Parallel Advisors LLC bought a new stake in TMC the metals during the first quarter valued at $61,000. Institutional investors own 4.39% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on TMC shares. Wedbush upgraded shares of TMC the metals from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $6.00 to $11.00 in a research note 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 target price on shares of TMC the metals in a research note on Monday, August 18th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, TMC the metals presently has a consensus rating of "Moderate Buy" and an average target price of $7.33.

Insider Activity

In related news, Director Brendan May sold 44,204 shares of the company's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $7.38, for a total value of $326,225.52. Following the completion of the sale, the director owned 197,586 shares of the company's stock, valued at $1,458,184.68. This represents a 18.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Anthony O'sullivan sold 250,000 shares of the company's stock in a transaction dated Tuesday, August 26th. The stock was 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 directly owned 1,125,667 shares of the company's stock, valued at $5,909,751.75. The trade was a 18.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold 554,314 shares of company stock valued at $3,356,155 in the last ninety days. Corporate insiders own 27.60% of the company's stock.

TMC the metals Price Performance

Shares of TMC stock remained flat at $5.12 during trading hours on Friday. 5,551,319 shares of the company were exchanged, compared to its average volume of 8,522,709. TMC the metals company Inc. has a 1-year low of $0.72 and a 1-year high of $8.63. The company's fifty day simple moving average is $6.09 and its 200-day simple moving average is $4.18. The company has a market cap of $2.08 billion, a price-to-earnings ratio of -13.84 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 for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.01). Analysts predict that TMC the metals company Inc. will post -0.22 EPS for the current 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.