TMC the metals (NASDAQ:TMC) Shares Down 1.8% - Here's What Happened

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares fell 1.8% during mid-day trading on Wednesday . The stock traded as low as $7.25 and last traded at $7.44. 3,568,923 shares changed hands during trading, a decline of 24% from the average session volume of 4,697,144 shares. The stock had previously closed at $7.57.

Analyst Upgrades and Downgrades

TMC has been the topic of a number of research reports. HC Wainwright began coverage on shares of TMC the metals in a research note on Tuesday, May 20th. They issued a "buy" rating and a $5.50 target price on the stock. Wedbush raised 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.

TMC the metals Stock Performance

The stock's fifty day moving average is $5.29 and its two-hundred day moving average is $3.08. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of -34.35 and a beta of 1.57.

TMC the metals (NASDAQ:TMC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Sell-side analysts anticipate that TMC the metals company Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling at TMC the metals

In other news, insider Anthony O'sullivan sold 164,317 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $4.49, for a total value of $737,783.33. Following the completion of the sale, the insider owned 1,125,667 shares of the company's stock, valued at approximately $5,054,244.83. The trade was a 12.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brendan May sold 44,204 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $7.38, for a total transaction of $326,225.52. Following the completion of the transaction, the director directly owned 197,586 shares in the company, valued at $1,458,184.68. This represents a 18.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold 233,521 shares of company stock worth $1,259,009 over the last ninety days. 28.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its stake in shares of TMC the metals by 10.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 47,163 shares of the company's stock valued at $335,000 after acquiring an additional 4,482 shares during the period. Sowell Financial Services LLC raised its stake in shares of TMC the metals by 37.4% in the 2nd quarter. Sowell Financial Services LLC now owns 16,604 shares of the company's stock worth $110,000 after buying an additional 4,517 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of 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 period. Sprott Inc. bought a new position in TMC the metals during the first quarter valued at about $26,000. Finally, Independent Advisor Alliance grew its holdings in TMC the metals by 53.1% during the first quarter. Independent Advisor Alliance now owns 57,665 shares of the company's stock worth $99,000 after acquiring an additional 20,000 shares during the period. Institutional investors own 4.39% of the company's stock.

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.