Tudor Investment Corp ET AL Sells 269,025 Shares of TMC the metals company Inc. $TMC

Key Points

• Tudor Investment Corp. sold 269,025 shares of TMC, reducing its stake by 37.8% to 442,419 shares valued at about $2.82 million at the end of the quarter.
• The stock has mixed analyst coverage with a consensus rating of "Hold" and a consensus target price of $9.88, based on two Buy, one Hold and one Sell ratings.
• TMC is a deep‑sea minerals exploration company focused on polymetallic nodules containing nickel, cobalt, copper and manganese for EVs and renewable energy storage applications.

Tudor Investment Corp ET AL lessened its stake in shares of TMC the metals company Inc. (NASDAQ:TMC - Free Report) by 37.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 442,419 shares of the company's stock after selling 269,025 shares during the quarter. Tudor Investment Corp ET AL owned about 0.11% of TMC the metals worth $2,818,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. NewEdge Advisors LLC purchased a new stake in TMC the metals in the 2nd quarter worth approximately $28,000. Sunbelt Securities Inc. bought a new stake in TMC the metals in the 3rd quarter worth approximately $34,000. Quantbot Technologies LP bought a new stake in shares of TMC the metals in the 2nd quarter worth approximately $48,000. Webster Bank N. A. boosted its position in TMC the metals by 226.4% during the third quarter. Webster Bank N. A. now owns 7,929 shares of the company's stock valued at $51,000 after buying an additional 5,500 shares during the period. Finally, Main Street Research LLC purchased a new stake in TMC the metals during the 3rd quarter valued at about $64,000. 4.39% of the stock is currently owned by institutional investors.

TMC the metals Stock Down 1.8%

TMC opened at $4.34 on Friday. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -5.42 and a beta of 2.00. The firm has a 50 day moving average price of $5.67 and a 200-day moving average price of $6.60. TMC the metals company Inc. has a twelve month low of $1.84 and a twelve month high of $11.35.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on TMC shares. Wedbush cut their price target on shares of TMC the metals from $11.00 to $8.00 and set an "outperform" rating on the stock in a report on Tuesday, March 31st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of TMC the metals in a research note on Wednesday, January 21st. Finally, HC Wainwright raised their target price on shares of TMC the metals from $7.50 to $11.75 and gave the company a "buy" rating in a research note on Friday, January 23rd. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $9.88.

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. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications.

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