Insider Selling: TMC the metals (NASDAQ:TMC) Insider Sells 1,591,485 Shares of Stock

Key Points

• Insider Erika Ilves sold 1,591,485 shares of TMC the metals at an average price of $5.77, resulting in a transaction worth approximately $9.18 million and a 58.14% decrease in her ownership.
• The stock's price has fluctuated between a 12-month low of $0.72 and a high of $8.63, currently trading at $6.16 with a market cap of $2.50 billion.
• Equities analysts have adjusted ratings for TMC, with a consensus target price of $7.33, where three analysts rate it as a "Buy" and one as a "Hold".

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) insider Erika Ilves sold 1,591,485 shares of the business's stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $5.77, for a total transaction of $9,182,868.45. Following the sale, the insider directly owned 1,145,792 shares of the company's stock, valued at approximately $6,611,219.84. This represents a 58.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

TMC the metals Price Performance

Shares of NASDAQ:TMC traded down $0.16 during trading on Wednesday, reaching $6.16. 8,863,274 shares of the company's stock traded hands, compared to its average volume of 7,023,562. TMC the metals company Inc. has a 12 month low of $0.72 and a 12 month high of $8.63. The company has a 50 day moving average of $5.77 and a 200-day moving average of $4.51. The stock has a market capitalization of $2.50 billion, a P/E ratio of -16.65 and a beta of 1.64.

TMC the metals (NASDAQ:TMC - Get Free Report) last announced 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). Equities research analysts predict that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

Institutional Trading of TMC the metals

A number of institutional investors have recently made changes to their positions in TMC. Allworth Financial LP lifted its stake in TMC the metals by 48.0% during the first quarter. Allworth Financial LP now owns 14,796 shares of the company's stock valued at $25,000 after purchasing an additional 4,796 shares during the last quarter. Sprott Inc. acquired a new stake in TMC the metals during the first quarter valued at approximately $26,000. NewEdge Advisors LLC acquired a new stake in TMC the metals during the second quarter valued at approximately $28,000. Wolverine Asset Management LLC lifted its stake in TMC the metals by 752.6% during the second quarter. Wolverine Asset Management LLC now owns 4,945 shares of the company's stock valued at $33,000 after purchasing an additional 4,365 shares during the last quarter. Finally, KBC Group NV acquired a new stake in TMC the metals during the second quarter valued at approximately $37,000. 4.39% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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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