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

TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $3.69, but opened at $3.50. TMC the metals shares last traded at $3.25, with a volume of 5,916,633 shares.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Alliance Global Partners assumed coverage on shares of TMC the metals in a report on Wednesday, January 15th. They issued a "buy" rating and a $3.75 target price for the company. Wedbush reissued a "neutral" rating and set a $4.00 target price on shares of TMC the metals in a research note on Friday, March 28th.

TMC the metals Stock Down 5.5 %

The firm has a market capitalization of $1.08 billion, a PE ratio of -10.00 and a beta of 1.46. The business's 50-day moving average price is $2.07 and its 200-day moving average price is $1.49.

TMC the metals (NASDAQ:TMC - Get Free Report) last issued its earnings results on Thursday, March 27th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. The company had revenue of ($20.18) million for the quarter. On average, analysts anticipate that TMC the metals company Inc. will post -0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other TMC the metals news, CFO Craig Shesky sold 353,702 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $1.66, for a total transaction of $587,145.32. Following the transaction, the chief financial officer now directly owns 1,145,717 shares of the company's stock, valued at $1,901,890.22. This represents a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 30.00% of the company's stock.

Hedge Funds Weigh In On TMC the metals

Several large investors have recently made changes to their positions in the business. Virtu Financial LLC bought a new position in shares of TMC the metals during the 3rd quarter worth about $44,000. Tidal Investments LLC grew its stake in shares of TMC the metals by 32.6% in the 3rd quarter. Tidal Investments LLC now owns 485,332 shares of the company's stock valued at $514,000 after purchasing an additional 119,335 shares during the period. Oppenheimer & Co. Inc. acquired a new position in shares of TMC the metals in the 4th quarter worth approximately $28,000. SBI Securities Co. Ltd. acquired a new stake in TMC the metals in the 4th quarter valued at $94,000. Finally, Raymond James Financial Inc. bought a new position in shares of TMC the metals in the fourth quarter valued at about $28,000. Institutional investors and hedge funds 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.