TMC the metals (NASDAQ:TMC) Shares Gap Down Following Weak Earnings

Key Points

• TMC the Metals Company Inc. saw its shares drop to $4.91 after a disappointing earnings report, missing EPS expectations by $0.01.
• Analyst ratings have varied; Wedbush upgraded the stock from "neutral" to "outperform" with a target price increase to $11.00, while HC Wainwright set a new target of $7.25.
• Insiders have sold a total of 233,521 shares in the last 90 days, leading to a significant decrease in ownership among key directors.

Shares of TMC the metals company Inc. (NASDAQ:TMC - Get Free Report) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $5.41, but opened at $5.00. TMC the metals shares last traded at $4.91, with a volume of 3,579,407 shares traded.

The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.01).

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Wedbush upgraded shares of TMC the metals from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $6.00 to $11.00 in a research note on Wednesday, June 25th. HC Wainwright reaffirmed a "buy" rating and set a $7.25 target price on shares of TMC the metals in a report on Monday. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $7.33.

Insider Buying and Selling

In other TMC the metals news, Director Brendan May sold 44,204 shares of TMC the metals stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $7.38, for a total transaction of $326,225.52. Following the transaction, the director owned 197,586 shares of the company's stock, valued at $1,458,184.68. The trade was a 18.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 27.60% of the company's stock.

Institutional Trading of TMC the metals

Several institutional investors and hedge funds have recently modified their holdings of TMC. Marex Group plc bought a new position in TMC the metals in the 2nd quarter worth $66,000. Engineers Gate Manager LP bought a new stake in TMC the metals during the second quarter valued at about $102,000. BNP Paribas Financial Markets purchased a new position in shares of TMC the metals in the second quarter valued at about $3,133,000. Bank of America Corp DE lifted its position in shares of TMC the metals by 437.7% in the second quarter. Bank of America Corp DE now owns 408,854 shares of the company's stock valued at $2,698,000 after acquiring an additional 332,813 shares in the last quarter. Finally, California State Teachers Retirement System bought a new position in shares of TMC the metals in the second quarter worth about $1,452,000. 4.39% of the stock is currently owned by institutional investors.

TMC the metals Price Performance

The firm has a 50-day moving average of $6.33 and a 200-day moving average of $3.90. The stock has a market cap of $1.69 billion, a PE ratio of -12.62 and a beta of 1.59.

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.